I'd like to venture a counter-point. High debt loads are manageable - if interest rates are low. This begs the question of what meaning a low interest rate has.

I'd like to venture a counter-point. High debt loads are manageable - if interest rates are low. This begs the question of what meaning a low interest rate has. In practice, at an individual level, interest rates are a combination of three factors. 1 - The Risk rate. (How do avoid you simply defaulting on me) 2 - The opportunity cost. (How much more is Person A willing to pay me than Person B) 3 - The time value. (How much do I need to make on this loan to make it worth the payoff time). While you can argue that an efficient financial system with robust liquidity should drive 1 & 3 to 0. It does not make sense for 2 to be non-zero. When the opportunity cost is zero, it directly implies that capital holders have vastly more dollars than there are viable loans, or that the cost of changing a human beings task from their current task to a different task has gone to zero. Neither of these statements should be true, capital should be distributed such that capital holders do not have more money than they can lend - and there should always be a non-zero opportunity cost from picking up someone from their current task. The latter point directly ties to the potential for wage growth in the economy.