I don't think it's that as much as it is people just getting in way over the head with debt... Keeping up with the Jones' and the general entitlement mentality that is running rampant in our country. Screw debt, the government will save us!
As for people's actions in public or how they present themselves, I see two sides to that. On one half of the coin, you have Eddie Griswold. On the other half, you have the people who prefer to just stay comfy in shorts and a t-shirt. For the most part, middle class doesn't dress to impress like they used to. Kinda like looking back to when flying was an occasion. The whole Generation X thing and rise of the tech sector youngsters taught people they didn't need to wear a suite. Many put focus on function over form. I've never felt that I need to impress someone with my presence. Much of it is just frivolous spending on faux status symbols. For me, I prefer to stay comfy in my t-shirt and cargo shorts, but then again we don't book reservations in the finer dining establishments. The ones that we do are for the kids (or wife). The food isn't worth it for the most part, but we're kinda spoiled with good food in Charleston