How America Got So Good At Buying Sh*t | How Money Works

How America Got So Good At Buying Sh*t Sign up and download Grammarly for FREE: http://grammarly.com/howmoneyworks Sign up for our FREE newsletter! - https://www.compoundeddaily.com/ Books we recommend - https://howmoneyworkslibrary.com/ My Other Channel: @HowMoneyWorksUncut @HowHistoryWorks Edited By: Svibe Multimedia Studio Music Courtesy of: Epidemic Sound Select Footage Courtesy of: Getty Images 📩 Business Inquiries ➡️ sponsors@worksmedia.group Sign up for our newsletter https://compoundeddaily.com 👈 All materials in these videos are for educational purposes only and fall within the guidelines of fair use. No copyright infringement intended. This video does not provide investment or financial advice of any kind. #money #consumerism #wealth Americans are the best consumers on the planet and it’s really not even close. The runner up is China, and they spend less than a THIRD of what we do in any given year, even though they have almost five times as many people. It might not always feel like it, but by global standards we are incredibly rich, we LOVE buying shit, and we aren’t afraid of going into debt to keep doing it. More of our economy depends on the consumption of goods and services than basically any other major country around the world… but this has to have a limit right? As a direct result of our insatiable desire to consume, our household savings rates are now the lowest they have ever been, and high risk, high interest consumer lending has surpassed a trillion dollars. That doesn’t include things like car loans, home loans, student loans, medical loans or informal lending like buy now pay later, which are also approaching all time highs… So what is going to happen to the best consumers on the planet, if they can’t afford to consume any more? And more importantly… could we solve all of our problems by just… buying less junk Follow to learn How Money Works. Find How Money Works on YouTube: https://www.youtube.com/@HowMoneyWorks Disclaimer: This podcast is an independently produced audio adaptation of content originally created by How Money Works. It was developed by a fan who values the channel’s clear and engaging approach to financial education, with the goal of making that knowledge more accessible in a hands-free, audio format. This is not an official production of How Money Works, and it is not affiliated with or endorsed by the channel. All rights to the original video content remain with How Money Works. For any concerns, inquiries, or content-related requests, please feel free to reach out. - -------------------------- ---- Keywords: wealth building, economics explained, ai bubble Learn more about your ad choices. Visit megaphone.fm/adchoices