In developed economies the three things that used to be worth taking on consumer debt for: education, car and home, defined the middle class
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None of the 3 is worth the debt anymore. Especially with rising deflation risk. There is no middle class without lifespan-scale debt.
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@vgr What? You don't want an underwater drone? ;) -
@davidtlang that's iPad pro range
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@vgr you may be in danger of extrapolating from too small a data set there
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@zenpundit the rest just haven't realized it yet :)
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@NeilScudder That's more choice than necessity. Kids can be very cheap if keeping up with Joneses is not an overwhelming force.
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@JustusRanvier
@vgr@MarcHochstein Right. Recalling Autobio of Benjamin Franklin — early life sounds very middle class without those things.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@vgr this is why we must purchase "experiences, not things" in this service economyThanks. Twitter will use this to make your timeline better. UndoUndo
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