Consumerism cannot survive on it's own without printing worthless money, and then, for only so long before it catches up.
Reagan was wrong to go along and push a "service based" economy; it was as plain as the nose on your face where this would lead. Perhaps it was necessary to address the Cold War, but you can only have so many burger flippers out there. Someone has to produce something. During the Clinton Administration, thanks to Newt's Contract With America, the budget got "balanced" but a false belief pervaded the country....once we got this thing under control we were all going to be able to retire and sit on our asses.
The people who make the $100+ sneakers, clothes, cars, electronics, etc. are willing to make that deal only so long. They too want their children to be well fed, clothed and have a future. So long as a purchaser can provide something of value greater than they can provide within, then trade will continue. So now we see an out-of-control free spending government who keeps pushing us to the economic tipping point. The value of the $ as a reserve currency is essential to the nation who wants others to provide the good life for them....when a currency has no real value, much more a reserve currency, then the Age of the Consumer is over.
No matter how many people want to sit on their ass it will still take some number of people to grow, transport and sell the food, provide the electricity, fix the roads, ....heck, fix your heater and A/C. We have too many people sitting on their ass taking who are wanting to force the worker to provide more and work harder....that's one of the results of taxation in this nation.
When the "Age of the Consumer" comes to a climatic close it will be very easy to discern. Then we will find the true value of a service based econnomy of office workers, burger flippers, community organizers.....etc.