I just think that an economy that is that reliant on debt is BOUND FOR FAILURE. It makes success artificial. It reminds me of a commercial I saw some time ago... There was a guy standing there in front of his huge house with a fancy car. He said something about being up to his eyeballs in debt. The appearance of success. Artificial.
I would by far prefer to have middle of the road stuff(or less) and not be in so much debt.
The bible says something about the borrower being the slave of the lender.. In other words, it's a bad idea.
"A society that puts equality ... ahead of freedom will end up with neither equality nor freedom."
--Milton Friedman (1912-2006)