There is no doubt that they have spent money foolishly, but bear in mind you are talking about them spending on a wedding and college. These are not trips to Vegas with hookers and blow, but rather core human experiences, closely tied to the concept of "middle class" themselves, and not financial back-breakers for middle class families in the past.
So, yes, there is some blame to be apportioned for the spending habits. However, there is also the systemic problem of real incomes declining significantly, with major life costs (housing, education, medical, taxation) increasing dramatically:
https://research.stlouisfed.org/fred2/graph/fredgraph.png?wi...
This problem is significantly worse if you use the old CPI, which some people feel is more honest:
http://www.soundmoneyproject.org/wp-content/uploads/2012/03/...
Either way, the decline in real wages in the face of rising major life costs is a major contributor to the increasingly precarious position of many middle class families.
So, yes, there is some blame to be apportioned for the spending habits. However, there is also the systemic problem of real incomes declining significantly, with major life costs (housing, education, medical, taxation) increasing dramatically:
https://research.stlouisfed.org/fred2/graph/fredgraph.png?wi...
This problem is significantly worse if you use the old CPI, which some people feel is more honest:
http://www.soundmoneyproject.org/wp-content/uploads/2012/03/...
Either way, the decline in real wages in the face of rising major life costs is a major contributor to the increasingly precarious position of many middle class families.