David Cassidy seems to have fallen off the wagon -- and almost off the stage -- in what appears to be a drunken performance the weekend of February 18, 2017. Apparently he blames bankruptcy problems, bad health and botched investments. The three B's. Yeah, well we blame the fourth B... BOOZE!

The former teen idol was playing a gig in Agoura (near L.A.) Saturday night, where he looked incredibly intoxicated throughout the show ... ultimately leading to a hard fall over a monitor.

David slurs through various songs and and takes long pauses, often forgetting lyrics. He said on stage that Sunday night is his final concert ever due to health reasons ... and he's retiring.

David has been to rehab several times and has struggled with alcoholism.

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