When the couple were just starting out, they lived like students with barebones expenses. Then as their income rises, so do their expenses, and so by the time they’re making $300,000 a year, every dollar is already spent yet they’re still deep in debt. LA couple who earn $300K/year told Dave Ramsey they’re drowning in $119K of debt.
Institutional bloat is even more difficult to reverse. Way back in 2010, I posted a link documenting how a major public university’s administrative staff bloated up from 3.2 full-time administrators per 100 students in 1993 (before student loan debt skyrocketed) to 13.5 administrators per 100 students in 2007. The Ratchet Effect: Fiefdom Bloat and Resistance to Declining Incomes (August 23, 2010).
And just think of the annual trillion $ defense budget.