America calling themselves as supernation of this world which means all the people in that country living a better life compared to third world countries, or am I wrong?
So Americans have to change their money spending habit if they want more savings.
How do you save when wages don't rise and price inflation is up 20% over a decade?
Half the US population is considered impoverished or low income. With skyrocketing rent, health care, and food costs and completely stagnant wages, much of the country can barely get by. A single family medical emergency will ruin people financially.
People who repeat stuff like this fundamentally don't understand economics or human nature. When hundreds of millions of people are this desperate, how do you expect them
not to take loans if offered? Do you have any idea how many people buy groceries with credit cards?
You'd rather they starve, right?
If poor countries had this dynamic, you can be damn sure their residents would be taking on more debt. The cost of borrowing money in India is 3-4x that of the US. Based on rental value, renting in the US is also 3-4x as profitable for landlords. Do the math. Americans must spend much more of their income on basic living expenses (like rent) while the cost of borrowing is immensely cheaper. What exactly would you expect to happen?