Fiscal prudence…is dead

We are in economically uncertain times world over. China, Europe, Japan, the Middle East, the US are hurting. They have taken on too much debt at the sovereign level or running large annual fiscal deficits. In the US, personal savings rate is a myth. Even the well to do upper middle class (with double incomes) seem to be living in a world that is only filled with happy scenarios. I know of folks with 800K homes, a Tesla model Y, home renovations…all financed by your friendly neighborhood bank. What happens when even one of them loses their job?