Yeah, I agree with Peach and Mathias. This sounds more natural with "got" instead of "get". Perhaps, saying "got" instead of "get" really emphasizes that this guy has been slacking and not working on bettering his life in the past up to the point that the speaker said the words too. Like his guy is a total loser for not having been actively doing it all along. Hmmm. Anyhow, "Maybe it is time you...." is also very condescending in the context of this sentence too. So so rude. Hehehehe. Too funny. :)

There's a bizarrely simple reason for this: we can use the past form of a verb to mean a hypothetical situation in the present (or even future). How do we know it's not a real past action? No time indicator. ;) We understand your example exactly as Mathis has explained.

I guess it's meant like "Maybe it's time you should get on with yours." "Get on" would sound too realistic in this situation – they don't seem to trust him to really change sth. about his situation. Sorry I can't give you a grammatical explanation :)

I just thought of another example of this. If someone's car has been falling apart over the course of the last year or two... you could say this: Maybe it is time you BOUGHT a new car, Billy. When you say "bought" instead of "buy", it really is like you are thinking the person is a total dumbass/loser for not having bought a new one yet.... especially if they keep complaining about their car falling apart... and especially since it should be common sense and logical to buy a new one if it is in that bad of shape :)

Definitely has the sense that Billy is so stuck in the past and that he is never going to change.