Quote:
Originally Posted by berettafan
What if the middle class is a lie? What if it only exists due to borrowed money and the note is now due?
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It's not a lie; but other than the definition that REDBEARD gave, the modern day middle class ONLY exists because of the ability to borrow. Take a look at third world countries where the population cannot borrow. There is a lower and upper class only. Now introduce the ability to borrow money and alas, you create a middle class society.
So the middle class in our countries only exists because of their ability to borrow money; no ability, no middle class. imo.
Quote:
Originally Posted by onewhippedpuppy
So what do you call it when everyone is broke?
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Keep in mind that "Broke" means you're at ZERO. Most people would give their left nut to be at "Broke"; I know that was a goal of mine for years.... just to own the stuff I'd already bought; ha. The majority of people are far worse off than broke, they're in debt.