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Will Austin's avatar

Not sure. I agree that there is some "relative deprivation" here, but I also think people are charging stuff they can't afford - https://www.cbsnews.com/news/record-share-americans-cant-pay-credit-card-bills/

Ben's avatar

Regarding consumer sentiment economists would say, "Watch what they do and not what they say." All retailers, restaurants and the hospitality industry quarterly reports suggest people of all incomes are spending like they are doing quite a bit better than their parents. And it is not like credit card debt is any more a problem than in prior decades.

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