"We're Rich, We Can't Afford That"

The (economic) past is a foreign country

There’s a little story I’ve recounted a few times here, when I write about inflation, economics, how things are different now than when my parents were kids, etc., because it perfectly encapsulates a weird reality about advanced economies.

I had a Chinese classmate in grad school who owned a nice used car with seats that were kind of worn. She went to so…