But we live in a different world than the 30s. Green energy is NOT going to be a catalyst for growth. How much more can you sink into education? America is developed. I think people lived way past their means and this new lifestyle is a permanent correction. But a lot of pain is going to come from that. Without a job, I cannot pay my mortgage. Nobody can. I'm working. Thank God for that. But I hope that ax doesn't fall on me.
I think you have it hear. I am 27 and had my troubles with "living beyond my means." At 22 I had 3 cars, an expensive girlfriend, no college education, was living at home with mommy and 24K in credit card debt. I was living like nearly every other kid my age not thinking about tomorrow but thinking about the present. 5 years later I have a bachelor’s degree, and I have no recurring credit card debt. I cut the expensive girl lose and traded her in on a better model with fewer needs. O, and I own a home with a 30 year fixed mortgage. However it makes me nearly sick to spend money knowing how deep in debt I was before.
I don’t have many extras but I live well. I pay for everything besides the student loan debt and mortgage with the money I make each week. I do have a nice big TV but I have no debt associated with it. I bought a “dirty” coal stove to save money while my friends keep their houses at 75 in the winter burning thru nat gas or oil. The central air is kept at a nice 70 degrees during the summer my friends keep their window air conditioners on constantly chilling the house to cool 60. Many of my friends call me cheap because I don’t buy a new wardrobe every season and I don’t have the fanciest “necessities.” I know the value of a dollar and I make smart necessary decisions. They have it all, or so it would seem. They all live in apartments or have houses that they are underwater on if they even made it out of mommy’s house. They live credit card bill to credit card bill paying only the minimums on tens of thousands of dollars in credit card debt. They appear to be living well but they really own nothing.
Take a look around at the teens with cell phones, cars bought for them, crazy wardrobes etc. How do you think these kids will acclimate to living paycheck to paycheck? They won’t, they don’t want to. They want to live to impress others. Society has been this way for many years and now it is coming home to roost. Why do some many people struggle to live when their home equity lines are cut off or their credit cards cancelled? No one knows how to live on what they make.
Who can you blame? Ourselves. Greed anywhere requires an individual to give in to it. People had to use those credit cards. People had to sign papers to get mortgage’s they couldn’t afford. The bankers and the government shouldn’t have to tell someone they can’t afford something. We the people should tell ourselves.