And, yet 2007 levels were inflated by toxic political and banking policies that have been in place for the last 20 years. In the meantime, real incomes (adjusted for inflation) have been in decline since the 70s. Much of America has been living on credit for the last 30 years (e.g., credit cards, student loans, second mortgages, etc.). We have a massive deleveraging that needs to take place in the financial system that will takes years. This article just touches the surface in one particular economic sector.