What you saw in the 1980's ended much like it did in 2008, it wasn't sustainable and it went bust just as it would over and over and over since. BUT people want more, they want to pay less for it, and many more people want that. If you're a politician you don't win by fighting against that, you swim with the currents and find scapegoats to blame instead.
Oh thanks for reminding me, people used to buy houses on 20 year mortgages now to make them remotely affordable they have to be 30-year mortgages
Good catch!
More people
More money
More people with more money
More competition for something previously limited to far fewer people historically
Costs rise
Expectations rise
Debt rises
And now if you've been keeping track we're at the "people who can't afford delivery finance their Doordash with a short-term loan" stage of the game.