If incomes fail to grow as quickly as debt and debt service, the ratio of debts to incomes will mechanically grow, which will require increased borrowing to service debt as well as to spend. The cycle goes from low to high to unsustainably high debt and debt service relative to incomes. For a picture of where we are headed and what we should do, you can order my new book, How Countries Go Broke: The Big Cycle, here: #howcountriesgobroke #principles