Ridiculous question in the first place. What a dollar buys today is a fraction of what it would buy in the past. A minimum wage worker in, say, 1975 was no better off than a min wage worker today. The difference is that the 1975 min wage worker didn't feel entitled to things we have today like cell phones that run into the hundreds of dollars a month or eating out all the time or showing up late for work and trying to leave early.
Back in the day people hoarded and collected the junk of the day too. I grew up around those people that had sheds all over the place or an old barn filled with a life times worth of "stuff". Nothing has changed except people buy different junk.
The premise of the question shouldn't be, "Do we make too much money?", but rather, "Are people more inclined to spend money foolishly?...IMO".
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