This is symptomatic of society today. It infuriates me.
I'm setting up a business with no income and getting by OK on my meagre savings only to be told by someone I know, who has a good job as does his wife, bringing in over £100K per year, that he's really struggling with money. His problem is that he wants to drive a nice car, extend his house, buy designer clothes and go on nice holidays. To tell me that he is skint is quite offensive to me. With the money he earns I could live a very comfortable life and still put plenty of money into savings.
He's just one example. Most of the middle class in the west live their lives like this. I think there is an expectation that they deserve to live in luxury. When economic reality hits home at some point in the next 5 years I wonder how these people will cope.
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Hey, I think the debt cycle has now started on the downturn. When interest rates rise, the belts get tightened, when belts get tightened people spend less. When people spend less, other people earn less. They earn less so they spend less and on it goes downward.
So yeah, the economic reality will be coming up soon enough.
Belt's tend to get tightened a lot faster than they get loosened. I'm guessing we are in for a shock rather than a slow decline.