压力重重的美国家庭不得不削减储蓄率、用房屋所有权作抵押借贷，以债务的增加为代价维持消费水平，这导致了房地产和信贷泡沫。 2008年，这一泡沫破裂，此后便开始了痛苦的去杠杆化过程。
Hard-pressed American households slashed their savings rates, borrowed against their home equity, and increased their debt to maintain consumption, contributing to the housing and credit bubbles that burst in 2008, requiring painful deleveraging ever since.