There's a term for this in sociology/economics: privatized Keynesianism. The idea is that one of the reasons that debt levels are so high is that people are trying to maintain what a "middle class life" looked like (or should feel like) via debt. This hit a little close to home.Here’s the thing — and this confused me for a long time — premium mediocrity is not a consumption aesthetic, but a financial hack powering a deliberately crafted illusion that is being strategically crafted for a purpose.
The essence of premium mediocrity is being optimistically prepared for success by at least being in the right place at the right time, at least for a little while, even if you have no idea how to make anything happen during your window of opportunity.
This also felt like an uncomfortably accurate description to me. It is an economic and cultural rearguard action by young people launched into life from the old middle class, but not quite equipped to stay there, and trying to engineer a face-saving soft landing…somewhere.
A friend organized an event last night: 9 recent-grad millennials at a Mongolian hot pot. Delicious, interesting, filling - by all appearances a wonderful Sake-liquidated time had by all. A bill for me and my wife just above $50. Even a group photo at the end of the night. Premium mediocre.