America has long operated on the principle of borrowing to finance immediate needs, leading to dangerous levels of personal and national debt. This tendency is driven by a psychological bias towards immediate gratification, making it difficult for individuals to prioritize future financial security over present desires. The article outlines how different generations have contributed uniquely to this mounting debt culture, from Baby Boomers to Millennials, and emphasizes the need for enhanced financial literacy and systemic reforms to address these ingrained behaviors.
Borrow from tomorrow to pay for today perpetuates personal and national debt, driven by a psychological bias favoring immediate gratification over long-term financial responsibility.
Credit systems exploit our natural inclination towards immediate gratification, offering instant possession while hiding the long-term financial repercussions of such choices.
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