Archive for October 28th, 2008
The Standard of Living Bubble
The Standard of Living Bubble (And Why It’s About to Go Pop!)
…Everyone knows about the Housing Bubble. Well, get ready for the even bigger Standard of Living Bubble, whose bursting is now upon us.
Because real wages have not been rising, the growth in consumer spending could only have been financed through borrowed money. Debt, which allows consumers to have cash on hand that hasn’t been earned or saved, has given Boobis Americanus the ability to live beyond his means, at least for a little while. And a great many have taken up this “pay later” lifestyle, accumulating a great many houses, cars, and other things. …
So much in this article to absorb! This article is so sad and so true! 
The treadmill is worse than it’s ever been!
