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Comment by enraged_camel | Hacker News Reader

>>And yet, people consume more healthcare, education, and live in bigger homes than ever before (as measured by consumption statistics). So that clearly can't be the issue.

Of course it can. Ever heard of debt?

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Debt is not magic. Somebody or something has to build the houses, provide the healthcare and education.

Yes. In the case of debt, that somebody or something is being financed by the future.

What does this mean? Someone builds a house and has their livelihood provided for while they do it. Once the house exists, it can be used for shelter. Money is imaginary. What is "financed by the future" and what does it mean?

Student loans. That's what "financed by the future" means.

It means that money is worthless unless it can eventually be converted into goods and services that you want. Debt means "money now, goods and services in the future". But what happens when you arrive in the future - as inevitably you will - and those things aren't there?

It kind-of is magic - that is how money gets created.

> Ever heard of debt?

I lold. Shouldn't there be corresponding data on debt then? National individual debt rising in relation?

Without data on hand, though, I do believe that has been the case

We have plenty of data. Take a look at this: http://www.slate.com/articles/business/the_united_states_of_...

What about rising household net worth?:

https://fred.stlouisfed.org/series/TNWBSHNO

That's mostly housing, which was financed by debt.

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