There has been so much talk of government debt for the last couple of decades, but private, household and business, debt has always been the ticking bomb.
We, along with just about every other country, have too much private debt. A big part of the explanation for this is the woeful stagnation of wages for the middle class, but also contributing are our ridiculous house prices.
The whole economic system is a house of cards, almost came down in 2008 with the banks and their dodgy loans, now it could well be the consumers and small businesses who set the cards to collapse. Neo-Liberalism has a lot to answer for, our economy was way more resilient before their fundamentalist ideas gained ascendancy.
DS