The term 'CUB' has been floating around Australia (in particular in Western Australia courtesy of the mining boom) since early 2006 and refers to a type of young, white, mainly working-class male. They're generally uncultured, uncouth, poorly educated and are ostentatious with their money, easily falling prey to slick marketing.
I came across an article in the West today which was sympathising with a 29 year old tradesman who had recently been made redundant. He fit the 'CUB' definition perfectly, he: was earning up to $1,700 a week prior to the crisis; has no education; married young; has children; and has multiple cars and a large 4-bedroom house. He is now employed in the fruit picking industry at $550 a week.
The article went on to blame immigrants for "takin our jobs!" when hard working locals should have them. The glaring flaws in that argument aside, the real question is why does this guy deserve our sympathy? During the government-created boom, he was living the high life, far above his means. He splurged on cars, tvs, holidays and much more and now has to bear the cost of that lifestyle. It's a painful slap in the face, but there's no reason that hard-working, prudent savers should have to foot the bill and bail out the 'CUBs' for the same reason that the banks, auto-makers and other failed companies shouldn't be bailed out. Doing so would further send us down the welfare state road by removing yet another incentive to act responsibily: personal losses (free health, free education, welfare benefits, child bonuses, housing bonuses...the list goes on: all of them discourage individual responsbility).
It's time to start living within your means. Real savings are the only road to prosperity, wasteful consumption is nothing but a destroyer of wealth. Plan for the future, don't spend all of your savings and then beg (or in the case of bailouts, take) from people who planned for the inevitable storm and lived within their means. People aren't 'doomed' to be poor: it's a life choice. In the free market there is profit and loss, removing the loss side of the equation has disasterous consequences for both businesses and individuals. Let them live with their choice, through the good times and bad.
