No, he did point out some false economies, but the main thrust was the psychological effect of feeling that you've bought nice things for yourself. Buy yourself nice things, then you feel like a princess, and that feeling of self-worth rubs off on the rest of your life. The problem with it is that there's an ugly logic that you can't avoid. If getting what I want makes me worthy, what does it mean when I don't get what I want?

If getting what I want makes me worthy, what does it mean when I want something I can never have?

If getting what I want makes me worthy, what does it mean when others have more than me?

If getting what I want makes me worthy, what does it mean when others have less than me?

If you could isolate the positive, useful aspect -- "I got what I want, and therefore I'm a worthy person" -- then there would be nothing wrong with it. It's good and useful to believe you're a worthy person. Unfortunately, your brain has a certain capacity for logic (even if you're not an engineer or programmer type of person :-P) and you can't prevent it proceeding from that benign intention to its ugly logical reflection. It's logically a zero-sum game, and some of the logically "neutral" effects (assuming a rich person is more worthy than a poor person could be seen as logically neutral) are not really neutral because they are unjust.