I always want something new, and if I was never able to do anything more than pay the light bill or buy groceries I would be a very un-happy camper!
Happiness doesn't have to be implicitly linked with material goods. It is very possible to have an enjoy lifestyle that doesn't depend on consumer consumption.
It seems unlikely I'd be happy knowing that I'd be leaving my family in debt at some future point.
How so? If you lived within your means and only spent on what you needed, you would have no reason to be in debt. The only reason people go into debt these days is because most, if not all people, live beyond their financial means. In fact, a simplistic lifestyle would be much more prone towards ensuring a debt-free lifestyle.
BlueMac, this is a very philosophical question and a good one as well. Unless you live this way, it's a very hard question to answer because most of us here are used to lifestyles where disposable income (in terms of finances that go beyond the staples) are a reality. When you become comfortable with one lifestyle, any lifestyle outside of this becomes hard to fathom unless it leads to an enrichment of your current lifestyle - this is why most people want to be rich. Financial destitution does not equate to emotional destitution. I realize that we aren't talking about destitution here but I would be willing to bet that may pro-consumerists would see a basic lifestyle as fairly equivalent to destitution.
I am not a Buddhist myself but the teachings of Buddhism illustrate well the need to move away from material attachment. The second noble truth, discussing the origin of suffering, considers this idea. To quote
this page, "
The origin of suffering is attachment to transient things and the ignorance thereof. Transient things do not only include the physical objects that surround us, but also ideas, and -in a greater sense- all objects of our perception. Ignorance is the lack of understanding of how our mind is attached to impermanent things. The reasons for suffering are desire, passion, ardour, pursuit of wealth and prestige, striving for fame and popularity, or in short: craving and clinging." The argument I want to flesh out of this is that although material goods can bring temporary joy, they can also lead to distress if you don't get them or they become dysfunctional or broken (for example). If you are never given the opportunity to experience these kinds of incidents, you are free from attachment that leads to suffering.
Those who have attachments to material goods become more distressed if they are taken away - there is more to lose. A larger dependence on consumer goods leads to a much greater potential for distress and angst. In my opinion, people become accustomed to a lifestyle characterized by material grandeur - as soon as this is threatened, people become flustered and unnecessarily frustrated. Once you become accustomed to one way of life, it becomes much easier to fall that rise so to speak in terms of happiness.
So, if you only had the money for the staples of life, you may not necessarily be happier but you would be better insulated from the greed that comes with a consumerist lifestyle that can be financially supported. On top of this, much of what many of us in the group with disposable income see as normal or simple may provide happiness to those living on the basics. As such, more has the potential to make them happy because it isn't normal.