Well, yeah, if "our capacity to produce" includes the Chinese, the Koreans, the Mexicans...
Consumers are not consuming because we don't have the freaking wealth (yes, I said wealth) to do so, because good jobs are so scarce. The upper 20% are doing ok, the rest of us, not so much.
How many more 'effing Fords, iPhones, and sofas can anyone expect to sell in a country where even people living in poverty have these things?