You know it's bad when Coldplay tickets can become a currency.
“Knowing that inflation has very negative consequences for the medium and long term, for most people, it takes away the opportunity to save,” Hora said. “They can’t plan for the future, they have to live in an eternal present.”
I have heard one theory over why blacks seem to be so self-destructive is that they have had everything taken away so often that they have learned to live only in the present. When chosing between saving for the future for a house or education versus spending now on fancy wheel rims or ridiculous fingernails many more will pick spending now rather than saving for the future compared to whites or Asians. When a whole nation gives up on planning for the future then it is headed for a complete collapse.
In an old classic “The Unheavenly City” Edward Banfield agreed with your comments.
He argued that the biggest difference between the rich and the poor was not how much money they had, it was their time horizons.
Rich people sacrificed today and made plans for generational wealth, poor people focused on partying on today.
The middle class made some plans but spent above their means from time to time—so they could meet their needs but rarely could keep money for more than one generation.