American consumerism is founded on massive debt which keeps people working longer hours to service.
If there were no such things as loans or credit cards, our economy would shrink by 60%. And we would not be headed toward a $23 Trillion dollar debt fueled economic collapse.
I think it was Freeper Travis McGee who kept posting the famous quote about societies with fiat money have to necessarily end with a catastrophic financial collapse. The economy tried to puke up its debt in 2008/09, and the Fed prevented it by foolishly printing money instead of just taking the hit and be done with it.
In 2005, the national debt was $8 trillion. It is almost triple that 15 years later. Good luck with that. There will be a world-wide catastrophic financial collapse that we set off.
It is not a matter of if, but when.
So, the name of the game is keep the debt pyramid growing. On this we agree, yes? Well, use your imagination as to what else can be leveraged besides homes, cars & college.
Air (carbon credits), health, entertainment ...? Let's talk terminal illnesses, life extension methods and cosmetic enhancements. All driven by genetic therapies, stem cell applications, etc. How much would you pay to live to 125+ with sound mind & body, and in great health?
Get the picture? There's no end to the number of things that can be debt financed given sufficient demand.