Debt overload by design

From the February 1992 testimony of Alan Greenspan to Congress:

To support these favorable outcomes for economic activity and inflation, the Committee reaffirmed the ranges for M2, M3, and debt that it had selected on a tentative basis last July--that is, 2-1/2 to 6-1/2 percent for M2, 1 to 5 percent for M3, and 4-1/2 to 8-1/2 percent for debt, measured on a fourth-quarter-to-fourth-quarter basis. These are the same as the ranges used for 1991.

Suppose they hit dead-center in the middle of each target range. Then M2 money would have grown 4.5%, M3 would have grown 3%, and debt would have grown 6.5%.

Debt grows faster than money by design. And, apparently, this has been the design since 1970 or before.

So if the question is "Why do we have all this debt?" the answer is "Policy".