Bill’s Commentary:
“This all started in the 80’s with the saying “he who dies with the most toys wins”…”
United in debt: America has become a nation of fake rich people
The U.S. now functions as two distinct, fully realized nations occupying the same geographic coordinates. One exists in concrete and brick, where citizens drive 20-year-old sedans and buy generic eggs. The other exists within a six square-inch, forever-vibrating rectangle, where every third twenty-something is a lifestyle curator living a life built on reckless financial decisions.
A recent report by Empower, a major financial services company based in Colorado, found that 24 percent of Gen Zers experience intense pressure to display material wealth on social media, even as 41 percent of all Americans don’t consider themselves financially well-off. The math is simple, brutal and undeniable. Millions of broke people spend borrowed money to convince other broke people they live like oil barons.
Walk into a cafe in any major city on a Tuesday morning. The line stretches out the front door with men and women waiting to pay $7 for an oat milk latte. The transaction takes three seconds via a plastic card. The coffee is gone in ten minutes. The debt remains on the balance sheet for 30 days at a 28 percent annual percentage rate.
The latest from USA Watchdog –
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