Agree. I think that is a better way of looking at it. Maybe even just stagnation. Money supply is consistently growing but it isn't flowing into increased production because the debt burden is so significant you need more and more capital injection to move the productivity needle.

People also get fat and happy, think they are rich as asset prices inflate, and don't work as hard which impairs the productivity side of things. (not that I am faulting people for this natural human reaction. I am one of them. Had a bunch of valuable assets that I was able to sell or leverage that allowed me to stop working 60-70 hours a week and to pretty much just work when I want)