The US is spending $1.40 for every $1 income.
Just like the family in 2008 riding a wave of false prosperity funded by credit cards and helocs.
Two luxury SUVs on lease and a 4000 sf McMansion with zero equity.
Your comparison is excellent. I have added a couple of “extras” that were common out here in Californicator Land:
The US is spending $1.40 for every $1 income.
Just like the family in 2008 riding a wave of false prosperity funded by credit cards and helocs.
Two luxury SUVs on lease and a 4000 sf McMansion with zero equity.
One or two vacation homes posing as rentals with $ losses every year.
Maxed out home equity, seconds and thirds on their McMansions and vacation homes.
Expensive Personal lifestyle trainers showing up several times a week to make the debtors appear to be beautiful and smart.
Expensive family vacations with adult children, grandkids, nephews and nieces on cruises or at McFantasy Parks, again paid temporarily for by borrowed money.
Children, who shouldn’t be in college or private schools costing 5 figures each year for worthless faux education.