Our living standard improved on a large scale and that's true, however, there's a hugee disproportion between rich and poor. Middle class is losing its battle and for the most part, people who buy nice stuff took a loan to do so.

Of course, we can blame on them for not being educated enough, but the principles are the same. Everyone have a debt, which implies that the majority doesn't have additional earnings and are forced to live on credit to meet the minimum requirements for business and everday life.