Take a look at this chart that shows personal debt since 1982.
http://www.creditwritedowns.com/2008/07/ch...

In the early 80's people had very little personal debt and so we could handle recessions without too much trouble as people had plenty of money to spend. Since 1982 because less and less money has "Trickled Down" to regular people, personal debt is in a danger zone very similar to the way it was before the Great Depression and a big reason recessions are lasting longer and longer and are more difficult to dig out of. As Michael Hudson pointed out in a Real News video the other day when talking about the 90% top tax rate during Eisenhower when productivity was highest. As taxes have been lowered on the wealthy, personal debt has gone up and up and up which is like putting your foot on the break when accelerating your car. The worse personal debt gets in the country the harder that break pedal is being pushed down and eventually the car isn't going anyplace no matter how much gas you put on because the vast majority of working Americans have no money to spend.