[MCN] How one US political party flip-flopped dramatically on climate crisis

[Lance Olsen]

https://www.youtube.com/watch?v=yzDjjUAt3zc <https://www.youtube.com/watch?v=yzDjjUAt3zc>


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“Consumer expectations of ever-higher living standards were fuelled by more lenient and readily available bank lending …. 
Social status and identity became closely associated with consumption, in particular with the concept of luxury. 

"Identifying oneself with the good life meant being able to live beyond traditional understandings of basic needs. Debt was the price 
one paid for the joys of being part of a hedonistic consumer culture.”

Kenneth Dyson. The Morality of Debt. Foreign Affairs. May 3, 2015

https://www.foreignaffairs.com/articles/2015-05-03/morality-debt <https://www.foreignaffairs.com/articles/2015-05-03/morality-debt>

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Despite recognizing the downsides of debt, the lure of spending remains strong.  After covering off on necessities, Americans said 40% 
of their monthly income goes toward discretionary spending on entertainment, leisure travel, hobbies, etc. In fact, when asked what 
financial pitfalls they are prone to, one quarter of Americans flagged “excessive/frivolous” spending.

https://www.northwesternmutual.com/about-us/studies/planning-and-progress-study-2017


 

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