We Americans are not nearly as wealthy as we think we are. We have that dream, of course, and we're all just a few months or years away from striking it rich and retiring early. All we ever see on television and in movies is rich people, and since television is the peer group for most Americans, it is natural for us to think of ourselves as being part of a wealthy peer group.
Millions of Americans went into the recession with whopping credit card bills (the average American's credit card debt is $8,000), mortgages they couldn't really afford, and a mysterious appetite for clothing and consumer goods. For Stuff.
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