Hellpuppy, I am so glad you were wrong....

[softball]

None of us are economists.

I have to point out that economists got us into this mess. Personally, I think the opinion of an economist carries about the same weight as an astrologer. The more complicated they make it, the more money they earn, and the worse trouble we wind up in.
Simplify it. If you live beyond your means, borrowing from your neighbours and enemies, you will go broke. When you are in debt, you give up your freedom. Someone else can pull your strings. If you put your nose to the grindstone, and pay off all of that debt, you will regain your freedom. Only when you have financial freedom will you have the luxury of real freedom. But it has to be worked for. You don't just inherit it.