There's almost nothing I want to buy that costs between "iPad pro" and "mansion with no mortgage." This is why middle class is doomed.
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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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I used to think upper and lower classes were defined by voluntary and involuntary risk taking respectively, middle class by risk aversion.
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