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lilhotdog t1_j8o1zox wrote

Our consumer economy runs on credit, full stop. There's been something deeply wrong for about 60 years at this point.


jadondrew t1_j8o5tu3 wrote

It’s almost like something went very wrong in the 1970s when wages stopped rising with productivity and instead a class of people became extraordinarily rich.


Willinton06 t1_j8o7td2 wrote

The extraordinarily rich became extraordinarily richer


Penguin236 t1_j8pxm1s wrote

What are you talking about? Extraordinarily rich people were around long before the 70s. Just look at people like Rockefeller and Carnegie. In today's money, they would've been the richest people in the world, even more so than the likes of Musk and Bezos.


jadondrew t1_j8uqrxh wrote

Between 1978 and present, CEO compensation has risen 1,460%. Worker compensation has risen 18%. That is what I’m talking about. Cherry picking a few winners does not diminish overall trends.


blorgon7211 t1_j8o9mzd wrote

this credit culture is rising in india too, ppl are buying phones worth 2 months of their salary.

though buying especially relatively cheap items like phones on credit is way more prevalent in america


Dal3488 t1_j8pea6a wrote

This is true. Without credit now days, you won’t get far anywhere


TheElderCouncil t1_j8qqioo wrote

You mean getting people who can’t afford things and put them in debt?