US citizens are binging on credit to make up for stagnant wages. That's not a theory, that's a fact. First it was housing, now its credit card and auto loan debt.

Fun fact: Subprime auto loan bonds are in a slow motion trainwreck:

http://money.cnn.com/2016/03/15/investing/subprime-unpaid-au...

http://www.bloomberg.com/news/articles/2016-03-21/this-is-wh...

You're asserting that, if wages were not stagnant, people would not binge on credit? Maybe that's true, but I doubt it's noncontroversial enough to be declared "fact rather than theory".