The combination. Real people owe that total sovereign and personal debt, and they are struggling mightily with their personal one alone.
The people are borrowing their government's credit rating, not paying a fifth of their normal taxes, and instead getting whopping huge new handouts to maintain their income (overall, not down at all since 2007) despite 10% of them not working. They also just stiffed their bankers for $2-3 trillion in bad debt that said banks wrote off and the deadbeats walked away with.
Never have such collosal whining ingrates bitten so hard on the hand that is feeding them.
Don't get me wrong, this doesn't mean I am in favor of things like extending unemployment benefits to 3 years, or foreclosure mortoriums, or criminalizing lending, or bailouts for unions. And surely the taxpayers not taking anything and paying such of the freight as is actually being paid, are getting shafted by all of the above.
But spare me the whining snot nose brat crap about how hard it is all over. I gave at the office, forty times over.
My message to the American people is: Stop whining, get off your collective backside, pull your pants up, turn your hat around, and get a fricking job!