Soon the nation will be abuzz as the politicians drum up a climax to the country's 50th birthday. And as we prepare for that meaningful milestone and past efforts in nation-building, perhaps an honest review of the actual economic situation affecting ordinary citizens is timely and prudent.

Despite all the progress we claim and in some cases have achieved, the rakyat today seem to have only one financial-tunnel to travel through. Predominantly, it is a 'debtor' lifestyle - living on credit.

A university student graduates with a study loan pay-back looming over his or her head. And before getting a job, a credit card is already in the wallet. Upon getting a job, a car has to bought on hire-purchase otherwise getting to and from work will be a nightmare given the sordid state of our public transport.

A few years into the job, family pressures to get married set in. And along with that comes the need to buy a little 'link house' or apartment which since a long time ago has smashed through the RM150,000 ceiling. A long-term loan has to be secured to have that roof over your head.

In summary, every young citizen enters the job market as a debtor and remains so for the next 30-plus years of his or her life. The monthly salary goes for the credit card payments, housing and car loan payments, not forgetting the study loan. At the end of each pay day, there is hardly enough to stash aside unless if they are living off parental subsidies.

And when the kids start coming, the squeeze on the finances only gets worse.

Under such an economic architecture, what happens to the citizens should any global financial misfortune hit our shores? Already, with rising monthly expenditures to cover tolls, fuel, utilities, and food bills, Malaysians are finding it difficult to make ends meet. And with the shrinking job market and retrenchment threat, this can only be described as a nightmare for most people.

It is about time to revisit with courage and honesty the economic trap that we have all entered into that undeniably places the working class in a high-pressured social predicament. If unattended to, we will only witness the rise of a host of other social problems in the long run.

After all, what good is all the superstructure trappings and infrastructure marvels when the man on the street - who forms 80 percent of the population - cannot live a debt-free life?