Should We Move Away from a Debt-Based Economy?

I'm back after a little break to finish my dissertation proposal with a conundrum: should we move away from our debt (or if you prefer a gentler word, credit)-based society? This question appears to be at the heart of Peter Schiff's commentary in today's Money Morning (not something I normally read, but the article was passed along by someone else). Sure, easy credit allows easy expansion during a growth period, but what happens when growth slows (much less during a major contraction)? That's right, the debt rears up to bite us in the collective butt. The problem with moving to a more fiscally-sound, dare I say prudent, approach of course is that the wild expansion of the last decade would not be possible. I'm not sure Americans can stomach that, even if it's the equivalent of national spinach. What do you think?