2/3s of Americans live paycheck to paycheck and americans consume multiple X what even wealthy Europeans do.
The issue is that people are unhappy then they try to fill that void with buying stupid shit no one needs, going for fancy cars to match their neighbors, oversized houses they don’t need and can’t afford.
Ofc there are other systemic issues like the racist origins having single family house zoning and lack of public transport which is the most reliable predictor of social mobility.
But still, people make dumb choices, spend recklessly.
2/3s of Americans live paycheck to paycheck and americans consume multiple X what even wealthy Europeans do.
The issue is that people are unhappy then they try to fill that void with buying stupid shit no one needs, going for fancy cars to match their neighbors, oversized houses they don’t need and can’t afford.
Ofc there are other systemic issues like the racist origins having single family house zoning and lack of public transport which is the most reliable predictor of social mobility.
But still, people make dumb choices, spend recklessly.