The problem is we do know we need to increase the interest rate. But no one wants to do that now. "We're in a bad economic time and we need rapid growth! We'll raise it later." Later comes and we say "We can't do it now! We're growing! That will slow things down. We'll raise it later." No one wants to bite the bullet and do that. Again, we need to think long term and not so short term. I don't know how to solve that.
Politically what needs to happen is that everybody who is not Wall Street or the 1% needs to realize that ZIRP is a direct attack on their economic power, to benefit the central government/bankers who dole out the piles of the newly printed money. Obviously discussion of this remains well outside the Overton Window of mass media.
Given how ever-increasing government debt itself discourages rates going up, the buy in of the middle class (retirement number gets bigger, so it is good), and how deftly the fake political duopoly divides the plebs even as they know they're being had (here we go again with dueling "presidential" dumpster fires!) I doubt this will happen any time soon. And so what will happen is eventual societal and currency collapse, either when the foreign markets route around USD or when the People finally reach our breaking point. I just hope it happens slow enough to be less of a catastrophe.
This isn't some novel problem that we don't understand, but rather the direct result of decades of economic policy. The solution is called raising interest rates.