Debt-based wealth is not wealth. If debt created any actual wealth, then everybody in the US would have become very rich over the past 3-4 decades. Obviously, that has NOT happened.
Much of the wealth created recently is only an increase in the "wealth effect." Even now, under Trump, politicians and media pundits are loudly proclaiming that the economy is strong. It's not. It's only the wealth effect.
To exacerbate the situation, any and all debt-based wealth disappears much faster than it is created. And even though it is not "actual wealth," when it starts to disappear, and when the interest starts compounding, and when the interest rates are bumped up to 25%, and when the creditors come calling ... then – HooBoy – it starts to feel not like "wealth," but like "money."
But then, unfortunately, the money is not income, not coming in. It's flowing out. That's when the shit hits the fan.
The fan is spinning. The shit is approaching. Guess what happens next.