So I should wait to buy a car?
There is a philosophy now I guess mostly among the young called doom spending. The idea is, if everything is going to crash anyway, go for it! Join the crowd.
Debt will become a widespread burden. You have to evaluate your own finances and determine your best course. I personally would avoid debt that I cannot pay off by some means. I have no debt - other than monthly charges on line, and I encouraged my son to get out of debt.
No matter what we choose, the thugs that drive the bus always find a way to crush the average guy. You will own nothing and be happy.