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For a debt to exist, a receivable must exist.

So we may be leaving the millennials $80 trillion in debt, but we are also leaving the millennials $80 trillion in receivables.

The bigger question is what kind of world are we leaving the millennials.

But I guess you're not asking the big question. You're asking the more immediate question about the debt and what it means.

Is the ownership of the debt and receivables so lopsided that we are enslaving a generation to a few receivable owners?
Will foreigners own the receivables? making our country a debtor nation?
Is there a reasonable solution to that imbalance, that can be chosen within a capitalistic framework?
Or will society choose socialism or communism or dictatorship, to try to remedy the imbalance, even though those systems result in worse imbalances?

I believe it can be resolved within a capitalist market economy.

That is, If the economy isn't siphoning labor off to socialist countries, I believe that labor economics will result in wages that result in reasonable real wages in excess of taxes.
And if it doesn't, you can still resort to artificial means of raising wages such as minimum wage or unionization to achieve reasonable wages. I wouldn't resort to those methods unless labor economics just doesn't result in a reasonable wage over a long period of time. Free Market economies tend to be very efficient at solving these issues.
If consumers aren't making enough to buy, then the economy stops. So it's in almost everyone's interest to make sure wages are adequate. I believe this will work itself out, no socialism needed. Except for safety nets like bankruptcy and unemployment.
Bottom line:
Markets are very efficient at solving issues like this.
But we do need to put our financial house in order, because the way forward is uncertain. And the less uncertainty we can leave to the next generation the better.
As a friend's mom was told her, "What can they do? They can't eat you."