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if you go back to 1979, people only bought what they could afford and the only credit they really had were their mortgages and car loans. Your basic energy costs were limited to gas and electric, with water and sewage for those that lived in city limits. If not you got by with well water and a septic tank in the back yard. Then Reagan came along and said "hey people, why don't you run your money plans the way the government runs the country's money"? You got credit cards, use them after all interest rates are at an all time low. Never mind that you have to pay back those credit cads or that your spending more then your bringing home. No need to conserve oil or limit how much oil you use, after all I, Ronnie Reagan, will make sure those pesky arabs don't cut supplies off. And thats the start of the down fall of the middle class. Also during that time, Reagan and the neo cons got america to stop seeing the stock market as a gamble, they told the sheep hey, you to can get rich buying stocks, just put another mortgage on your house and invest in your future.
Jump ahead to 2007, people born after 1970 have never experinced mommy and daddy not having the money to buy them things, after all mommy and daddy used their credit cards to get them things. Sure there were a few that didn't fall into that trap, living on a fixed income many couldn't. The problem was that more did fall into that trap, some are still waiting for their stocks to make them rich but they know by watching the nightly news for stock market reports that any day their ship will come in.
The real trouble is just starting. Todays youth, even those with parents in the poor house, are under the impression that the world owes them things. The youth have been given so many things and they can't comprehend that those things have to be paid for. They are taking things for granted the same way some of us old people took for granted in our youth, electricity. All we knew was you flipped a switch and lights came on in the house, we gave very little if any thought that someone was paying for the lights, sure dad ranted on and on about leaving lights on, but until we got out on our own did we learn just how much that light cost.
My S.O.'s 16 yo son can't understand that mom or I will not go out and buy him a car so he can get a job? WTF? Job first, getting a drivers license second, then the car, right? Nope all of his friends have cars even though they have no license or jobs because mommy and daddy took loans out to get them their cars. Everything with him is its only $1,000 or its only a matter of getting a loan, after all TV tells him that theres a car dealer that no one gets turned down for a good used car. It's nott just the car buying either, his friends get new toys and he can't figure out why we refuse to buy him those same toys. You think it enters his mind that we can't afford or are willing to spend our money on things he or we don't need? Nope the problem is, I turned mom against him and won't let mom buy him things because I don't like him. Everyone of his friends are the same way, well to do or poor doesn't matter, they all have that belief that parents are only there to buy them things.
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