I read recently that besides mortgage debt, 80% of all debt owed by consumers is automobile debt.
That is a staggering number.
People are taking loans for 72 months, on cars and trucks!
Some people are shelling out close to $80K for a new truck. The average price of even your "turtle" look alike clone car is over $30K.
The auto industry has ramped up production, but the cars are not selling. They currently have massive quantities of unsold inventory.
I bought my old beater SUV 6 years ago. The same make and model is selling for more than when I bought it.
When I was a young adult, a 2 or 3 year loan was the norm. So, cars are more expensive and wages are lower. 2 Household wages is now not as much as one was back then. And the kids had someone home watching them, there was a day of rest, and the nation was far wealthier.
Bad decisions certainly can be used to explain that, but it sounds more to me like the blessing of God slowly being removed from a people going astray.