The fundamental cause of debt

[sv2007]

You are wrong. That is NOT the only way to build wealth. And talk to all the non millionaires that tried your method in 2006. You make it sound like housing prices will always go up.

There are many ways to build wealth.

Leveraging is pretty standard practice that many use (not all people, but many people). If you buy a house, chances are you aren't putting 100% down. That's debt, 2x+ leverage in mortgage seems common. If you go to college and take a loan, that's debt.

Good debt can lead to increased wealth. Of course, with any return there's risk. Even treasuries was a bit o a risk just a few years ago. Unthinkable.