David, I think you’re missing the point. George Bush didn’t sell any iPhones (he’s not qualified to operate that kind of technology). The current regime has done whatever possible to benefit the economic status of the top 5% or so. That’s their crime – inflating the wealthy and sticking it to the rest of us (which is exactly what happens when you combine the Bush tax cuts, corporate deregulation and lucrative military contracts associated with a pointless war which will cost us, the average taxpayers, quite a lot, well into the next decade).

The iPhone problem you mention falls on our culture of conspicuous consumption. An average life fell out of fashion as we let advertising and marketing turn us into hyper-competitive, materialist consumers. School kids all want to be actors or musicians, everyone deserves to be famous, and the labels on your jeans are suddenly of paramount importance. Add loosening credit standards since the late 80′s and overinflated home values and you have the recipe for a debtor nation. No, this is not the description of everyone, but it is true of enough to cause the macro scale shifts we’ve seen. Yes, consumers share some blame for letting this culture of consumer values become the standard.

And yes, credit issuers are also to blame for shifting their profit model from transaction fees for retailers to interest and penalty fees on consumers – they absolutely encouraged over spending and created systems to quickly escalate fees when someone falls behind. It’s the modern sharecropping.

So maybe, just maybe, there are systemic flaws contributing to this mess. And that does include the government, for they are very cozy with the monied interests who prosper from this downward spiral.

How is the government to blame exactly? Did George Bush force you to buy your $500 iPhone?

Maybe the the overspenders should take responsibility for their own desire to flaunt their possessions, instead of blaming the government.