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On an individual level I can partially agree, although I think it is important to bear in mind that as wages in these countries have risen in real terms for a long time now, it is credit that has fuelled the consumer drive. Well, not just 'consumer drive', but also for example, student loans. It is possible your trekky might be having that hang over his head - I don't know.
However, this is all largely superfluous I think, when we look at the billions and trillions of debt being placed on the shoulders of classes of people who did not willingly or consciously take this debt. This is, I think, the main issue here.
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