Ed Harrison sums it up

In a post from 2010, buried in explanations for the fall of the US savings rate, Edward Harrison lays out a picture of the problems created by economic policy:

... economic policy in the US which is predicated simultaneously on suppression of domestic wage growth and on consumption growth... These two goals are at odds with one another and naturally lead to the accumulation of debt.

When the business cycle reaches its apex, the weight of these debt burdens becomes too heavy and we end up in recession. Interest rates are cut...

At some point after rates are cut to zero, this cycle must end with the US economy collapsing under the dead weight of the debt accumulation.

Nothing new. But Harrison assembles the pieces into a powerful picture of the process by which policy creates problems.