Did we conclude that, I thought its still heavily debated.

Some argue in the 50s and 60s the US was spending Europe's gold to build highways and infrastructure, gifting Americans the wealth with a continuation of the new deal, they then defaulted in 1971 as inflation eroded foreign debt owed.

Some feel some form of debt accrual is how we derive such a consumption focused standard of living, which is misallocated capital that ends in someone holding the bag when it can't realistically be paid back, or when population doesn't grow fast enough like in Japan or most of the developed countries.