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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what abt the 6 billion+ not in dvlpd economies? are they intgrl to ur model?
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so would your earlier comment 'gaping hole: globalization" apply here as well?
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