Are we headed toward a depression?

[minionofmidas]

The average person in poverty today lives a lifestyle comparable to that of the average family in the 1970s. 

What absolute nonsense.

Well, it is comparable: "Different in almost any respect. In some respects, arguably better - not that that changes anything".

[minionofmidas]

Wow, that's a damn low cell phone figure. Please tell me that's way out of date. As to a tv set... yeah, I don't think you can describe em better than as Opebo has done. The things are too cheap to repair by now. (Much to the chagrin of people who know how to.) And just try living without a fridge.
No, actually, it's possible. Most Indians do. But not if you want to cook decent meals in your own home at affordable prices in a western country and don't have your own vegetable garden.

[minionofmidas]

That explains a lot. Especially the homeownership numbers.

Most rural poor in areas with stagnating population will own their homes as a matter of course.

[minionofmidas]

All in all, it's good for this young generation (thinking under 25 or so) to experience such a thing.  They've had it quite too easy.

Oh now tha's funny.  Perhaps the upper-middle class you see on this board have had it fairly 'easy', SS, but the great majority of young people have had a very grim, tight, low-income, and debt-ridden existence.

Either tight or debt-ridden, outside the inner cities. Tight in my case.

[minionofmidas]

That explains a lot. Especially the homeownership numbers.

Most rural poor in areas with stagnating population will own their homes as a matter of course.

And the value of such homes has been declining in real terms for many years, not just during the recent economic collapse.

Well the value of such homes always declines in real terms, as the funds for keeping them in good shape aren't going to be available (or are going to be spent on fezzy's dishwashers and dvd's instead.)