Debt is a symptom, not the disease.  Excessive debt is a method of not dealing with problems and kicking the can down the road.  Of course it makes things ultimately worse, but why do people need to go into debt they can&#x27;t get out of, and why do people finance loans to people who can&#x27;t pay them off in the first place?  The central problem lay in that direction.<p>The problem is utilized industrial capacity has been falling for decades.  Companies are not employing the invested capital and machinery they already own at anywhere near full capacity.  So why invest more?<p>Even with capital utilization rates falling for decades, there is still overproduction - or underconsumption, depending on the angle.  Corporations are flush with cash reserves.  Naval Ravikant turned down a $600 million blank check from Chinese investors.  Meanwhile wages have been moribund for a long time.  Inflation-adjusted hourly wages were higher in the U.S. 45 years ago.  Real hourly wages aee lower, yet more capital equipment exists and productivity has risen.  It is trying to sell more to people who have less.<p>The economic report of the president (US) has US industrial capacity utilization rates- over 87% from 1967 to 1969.  By 2011 it was below 77%.  (table b54 of the economic report of the president  2013).