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The pedestal for success has been placed so high by this spending culture that there is a lesser extent of happiness. I see greater levels of happiness in poor 3rd world villages enjoying life's simple pleasures than an upper class neighborhood over the holidays during a good year here. Happiness is chemical. Embracing life's simple pleasures has increasingly been eroded and replaced with pro-consumerism and competition. Have more than your neighbors. Spend more than your neighbors. This competition does not net happiness. The only one's who gain from this are corporations selling you those goods.
The very development of the Personal Car Lease helped buy ketamine to promote the concept of living beyond your economic means. You could afford the $35,000 car instead of a $20,000 car. When leases disappeared, many people were shocked to realize how little car they could really afford to buy. Some went through adjustments in terms of self-image as they were so locked into a perception of their social class via their car.