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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: koan who wrote (91444)12/11/2008 1:59:17 PM
From: ajtj991 Recommendation  Read Replies (2) | Respond to of 116555
 
Regardless of middle class earnings, their willingness to go deeper into debt than the prior generations likely has more to do with their struggles than wage issues.

In the 50's the credit card hadn't been invented, and home loans required 20-50% down payment. Car loans were used infrequently and were usually for a couple years duration.

The decline of the middle class has to do with little fear of debt and lack of discipline to save, IMO.


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