I have a family member who declared bankruptcy about 10 years ago. Always had the best clothes, fancy car and extravagant lifestyle. Within a few years, he was back to his old lifestyle again, running up as much debt as he can. Now his kids are coming close to college age and due to his lack of financial assets, he will probably qualify for financial aid to put his kids through college.
Meanwhile, I'm trying to figure out how to get my kids through college without wiping out my life's savings. Due to the fact that I lived responsibly and was able to put money aside, I will not qualify for any student aid for my kids whatsoever.
Makes you wonder whether you and I are the real suckers, don't it?
This reminds me of something else. I knew two brothers up in WV, one is dead now. They both suffered from a low IQ. They were sent a check every month from the state, being disabled and all. They used their checks to buy four wheelers, rifles, and whatever their little pea-pickin' hearts desired. They lived with Momma and had no bills. I have often wondered, while slogging it out day in and day out, whether their life of gadding about was superior to my life of grinding my nose away. I still wonder.
Ultimately, "atlas will shrug". Personally, I believe before atlas shruggs, the US current account deficit will make a mess of this economy. Then, the US policy makers will have to figure a way out and there will be hell to pay for all.