You've got to be a hypocrite on this one. You've never financed a house or an automobile?
Rational financing (borrowing) is good.
Where when and how do you think we will pay back these trade deficits? Which cumulatively are in the 3-4 trillion dollar range? Your house will be paid off in 20-30 years and your car, 5 at the most. People love it when the mortgage is paid off and some burn it at a party. They are finally off the hook and debt free. This is not how the American nation is behaving when it comes to trade deficits
Ah ha! So you do realize that there will have to be some form of "payback" to all those foreigners who have been purchasing American bonds over the years. And you know what their real rate of return has been lately? Not much above and sometimes less than a real rate of return after adjusting for real purchasing power in their home countries. Americans, by the way, have had an outstanding return on their investments!
So now that some smart Americans are taking their savings and buying foreign mutual funds that have cheap price to earnings multiples and that capital is leaving for Foreign Direct Investment opportunities, this makes you angry. So are you suggesting that you can bend the rules of accounting and have your cake and eat it too? Just curious.
Our fathers' generation could have that party at about age 35-40 --- after a 15 year mortgage but more and more we have to plan on having that party after we're in a nursing home.