"Wealthiest Nation, Ownership Society"??

Are WE wealthy when we are spending more than WE are saving & now more than WE are even earning? Savings have been decreasing for since the early '80's...

Do WE own something when WE are making payments on it? If so, what happens should WE stop making payments on our house, car, etc.? Buying on "credit" has been made easy & "secure"...anyways, it's not like it's actually money, is it?

How long could WE continue to not make payments and keep "our" things? For a while WE can get "new" credit to pay off the "old." For a while....

Are countries truly any different? Perhaps on a different scale, but wouldn't that just make it worse when "new" credit is no longer available?

Who is going to pay the debt interest when WE can't afford food, clothes & shelter? Do you think our creditors will come repossess assets or allow US to file bankruptcy??