The depression was caused by economic policies not brutal suppression and dictatorial policies, as happened during the Great Leap forward. Comparing these two situations is laughable. Comparing maniacal dictators with popularly elected governments (even if they made mistakes) is a tragedy and a communist like below_freezing will never get it. Alas!
By the way, American households have already shed their debt through defaults or otherwise and the household ratio has fallen from 136% of household income to 114% now. In a few years, it will be at 100% of income, a level economists consider sustainable. Home prices will naturally fall to their long term mortgage to rental income ratio. In the US, you can still get a 4 bed room home for $250K in a nice school district for 4% fixed for 30 years, with property taxes under 1% of purchase price, and only 1.5% down. Try and get that interest rate or a mortgage that long in any other country (with the exception of Japan, I guess).