[fixxer]

> Isn't this kind of what happened in the 2008 collapse?

Not at all.

The housing crisis resulted from credit expansion. Specifically credit was extended to people that should not have been able to take on risk. A secondary cause was the structure of the debt (long term risk with short term volatility).

I'm suggesting reduction in one's tax base based on interest paid for existing debt, not the creation of new debt.