Is consumerism the dark side of capitalism?

In a bygone era, the golden rule was never create debt unless that debt creates wealth.

Today%26#039;s generation seems to been convinced that the measure personal wealth is the amount of personal debt.

Middle and lower income people are easy targets for companies that market credit. Credit companies offer seemingly easy terms to buy now and pay later. Many people don%26#039;t realize that the pay later period can require as much as 35 years, particularly with credit card debt.

When an individual over extends their credit, society blames the individual for his ignorance. Yet, society never educated that individual on the dangers of spending future earnings or living within their means.

On the other hand, people who manage credit companies are highly educated and would never personally accept the credit terms they sell to others.

Is it okay to allow highly educated people to take advantage of less educated people? Debt doesn%26#039;t eliminate poverty. It creates it.

Is consumerism the dark side of capitalism?

That and price-gauging, pollution, obesity, overspending,credit card debt, and waste.

A grotesque picture for sure.

Is consumerism the dark side of capitalism?

Capitalism is a system that by its own nature cannot ever understand externalities.

Is consumerism the dark side of capitalism?

As opposed to socialism, where their is no excess income to save, or products to purchase? Keep trying. I think it%26#039;s the duty of the educated to separate a fool and his money. They%26#039;ll learn one way or another.

Edit: No...the elimination of entitlement programs eases the pressure for them. Poverty isn%26#039;t a drag on the economy, it%26#039;s the absence of economic activity. Taxes imposed on producers to support looters and moochers drags down the economy.

Is consumerism the dark side of capitalism?

I do have a problem with all the high risk credit being given to those that don%26#039;t understand the concept of interest rates. I receive new credit card applications nearly every day, and you have to really search for the interest rates. It should be required that the interest rates be printed in bold, at the top of application, even some examples of payments at certain credit levels.

Is consumerism the dark side of capitalism?

Its not consumerism, its flat out personal greed. Consumerism also assists in promoting the jobs within the economy.

For economic conservatives, however, the term %26quot;personal responsibility%26quot; got mixed up and became synonymous with %26quot;personal greed.%26quot; For example, I%26#039;m sure you%26#039;ve heard at least one member of the upper crust of America%26#039;s white trash proclaim that a businesses%26#039; only responsibility is to make money - regardless of the cost.