It is when Boomers start dying which is occurring. The reason, this is the group that has the income to buy stuff if it wasn't for the debt.

If they are not buying, then that leaves only the few skilled folks that were not required to get a degree. Everyone else is paycheck to paycheck. The whole economy requires consumption, discretionary consumption.

Take a cruise? Nah, have to pay on hundred thousand at 6 percent. How about a new car? Payments require cheaper car due to loan payments. House? Can't get a loan due to lack of savings and or the payment problem. Buy expensive clothes? Nope, going to keep going to Ross. Jewelry?

The people that spend are dying and they don't have anyone in the bullpen.