In other words, we are living beyond our means in many areas of our lives.
While the balances were growing, we could live beyond our means, beyond our current income level.
FORBES: Tough Truths About The Dollar, The Debt and The Economy
"We just live with contentment and we don't live beyond our means, " John Betar said.
You and I, as individuals, can, by borrowing, live beyond our means, but for only a limited period of time.
The current state of our economy drives home the hard truth that living beyond our means has caught up to us.
We saw that post-crash there was a lot of finger pointing at the bankers, the auditors, our governance structures, our love of credit cards and living beyond our means.
We can't go back to a bubble-and-burst economy based on reckless speculation and spending beyond our means, where a relative few do spectacularly well while the middle class loses ground.
We used debt to help live beyond our means.
FORBES: What Entrepreneurs Can Teach World Leaders About Debt
Perhaps the most important cause of our economic malaise is that for years as a nation we have been living beyond our means, in deficit with the rest of the world, buying from other countries far more than we produce, till our indebtedness became unsustainable.
No one ever expects to regain the intoxicant levels of the boom years, but neither is it considered necessarily bad to stop living beyond our means on a raft of imported dreams. (It has certainly spelled immediate relief for the environment.) Painful, difficult times allow for painful, difficult changes.
The Space Launch System will give the nation a safe, affordable and sustainable means of reaching beyond our current limits and opening up new discoveries from the unique vantage point of space.
Just ahead, our money coach Alvin Hall talks about the distance between living well and living beyond your means.
To reduce those balances we must reverse that and live beneath our means, but the higher the balances the more difficult it will be to make much progress beyond servicing the debt.
FORBES: Tough Truths About The Dollar, The Debt and The Economy
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