From the estimable Ask Metafilter:
Ok, so it says that the typical person earns $14/hour, and the typical household earns less than $40k/year. Yet everywhere I look, I see displays of wealth. Expensive homes, cars, boats, TVs, activities, etc. So my question is: how are people paying for all of these expensive things?
I earn pretty good money (double the avg), but I would never dream of buying a $300k condo, a $40k SUV, and a $100/month cell-phone plan. On top of that, it seems as if every teenager is driving an Escalade, has a cell-phone, and is always shopping. Every time I go to a nice restaurant, it’s packed. I go on vacation and there’s millions of fellow Americans already there.
Can credit alone explain this? I just don’t get it..