The American consumer has become addicted to easy access to debt.
By Daniel at 18 October, 2009, 2:46 pm
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This has gone on for so long that debt is now as vital as air to the survival of our consumption based economy. This is probably no revelation to you or for those that you know. Yet the great taboo of American culture is that we rarely openly talk about money. We talk about religion, politics, sports, and other topics but when it comes to money people seem to grow uneasily quite. People see someone driving a new Mercedes and assume an association to wealth but little do they know that the person has a $700 monthly lease and is living paycheck to paycheck. Yet the visual impact causes many American consumers to suffer from the Keeping up with the Joneses complex. Unlike Prozac, there is no pill for spending more than you earn.
http://www.mybudget360.com/the-end-of-the-decade-of-the-american-consumer-the-regime-of-new-austerity-and-consumer-economic-feedback/
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