This is a lot of bunk until consumers start stop borrowing on reduced incomes to maintain a certain standard of living and start saving towards productive investment. The only sustained deleveraging that has occurred post-recession is within mortgages and that is because of foreclosures, writedowns, Central Bank intervention etc.
I was chit chatting with a tech rep. The company he works for was recently bought out by a S&P 500 firm. He no longer has the ability to make any 401K contributions after the buy out. It is a tough world..