Granted, the role of discretionary spending itself should not be exaggerated. The chief cause of bankruptcy in America is catastrophic illness; most borrowing is simply a matter of survival (if one does not have a car, one cannot work); and for most, simply being able to go to college now means debt peonage for at least half of one’s subsequent working life.36 Still, it is useful to point out that for real human beings survival is rarely enough. Nor should it be.
