The situation isn’t improving. Someone I know got a mortgage on a 340,000$ house that their combined income is maybe 60k. That’s not including paying student loans, bills, car, everything else. 2008 will happen again except the next time it’s going to be much worse. Now, far more than in 08, the student loan bubble is also included in this disaster. Eventually all of these horrible spending and lending practices will explode and the tax payers will foot the bill yet again.