For too long, our economy has been based on unsustainable debt spending - "pulled-forward consumption". This will not and can not be restored.
I think about this from my own perspective as a J6P consumer: like many others, I have a HELOC second mortgage. We used it to put in a pool 10 years ago. Now I see that was pretty silly, but I can't undo it and I sure as hell will never do anything like this again.
I also used to have ~$10k in credit card debt, and a car payment. Now I have zero credit card debt, and no car payment. Likewise, I will never return to this kind of debt spending, no matter what the federal goverment does to supposedly "get credit flowing again".
I know I'm not alone in this new-found sense of financial pragmatism. Turns out my grandparents were right after all.
TEOTWAWKI, friends. Buckle up, it's going to be a bumpy ride.
Wow that is just wonderful that you realized that. I am now the grandma lol and I remembered that lesson from my own grandparents and we do not owe a single dime on our home, vehicles, anything but then again we do not have all the latest fancy things but we have peace of mind and 10 acres, supplies for a :) rainy day. Good for you!!!