This is the cousin of Reagan's "welfare queen", where the exception to the rule is offered as the standard.
fta:"I see homeowers in trouble...they make $50k, yet are driving an Escalade that costs $55k...what are they doing"

I concur, these folks are dips**ts...they are hardly representative of the real and numerous poor in America.

Just yesterday, someone told me they thought the economy's problems were caused by consumer debt...
Why do people like this guy fail to realize that wages have not in the least kept up with inflation since WW2?...that most debt comes from spending on necessities, not vacations?...that if you want to buy a house and a car, you will unavoidably be racking up loads of debt?

then there is student loans...

the problem is that the sum total of needs and their cost far outweighs the remuneration of labor for the vast majority of people.

What the hell does that mean?

The information in the article is worthless and derived from a very limited and silly perspective on the reality of economics for many Americans...

As such, the article--as a creation--is an exhibit to this ignorance. IOW, how absolutely stupid is the idea that "well, NOW americans must budget?"

The text of the article, devoid as it is of all substance, of all connection to reality, is not as important as the actual Existence of the article as an exhibition of delusion.

Er, yeh, just as I thought :S

First, let me say that I do not AT ALL discount the notion that for a majority of us, just owning a house or a car results in debt. My fiancee and I were in that position for a long time. At this point, we are a little better off, being able to buy the things we need (and want) for ourselves and our 5 children(most of the time..). That hasn't come without sacrifice. We both work state jobs, and while they pay well once you've been at them for a while, the starting wages are terrible. So we've been through our share of belt tightening. On the other hand, I've seen examples of the kind of stupid spending that this article cites. Target has gone from a Wal-Mart competitor to a Michael Graves showroom in just 5 years. And Home Depot's stores and advertisements have gone from showcasing the latest DIY tools and fixtures to showrooms for basin sinks and $300 bathroom faucets. Just yesterday, my friend and I were talking about how many people we know who wear designer clothes and drive a $50,000 vehicle, but live in a house that if not condemned and torn down soon will fall down all on it's own.