The Two-Income Trap: Why Middle-Class Parents Are Going Broke

The Two-Income Trap: Why Middle-Class Parents Are Going Broke

4.5 8
by Elizabeth Warren, Amelia Warren Tyagi, Amelia Warren Tyagi
     
 

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ISBN-10: 0465090907

ISBN-13: 9780465090907

Pub. Date: 08/16/2004

Publisher: Basic Books

In this revolutionary exposé, Harvard Law School bankruptcy expert Elizabeth Warren and financial consultant Amelia Tyagi show that today's middle-class parents are increasingly trapped by financial meltdowns. Astonishingly, sending mothers to work has made families more vulnerable to financial disaster than ever before. Today's two-income family earns 75%

Overview

In this revolutionary exposé, Harvard Law School bankruptcy expert Elizabeth Warren and financial consultant Amelia Tyagi show that today's middle-class parents are increasingly trapped by financial meltdowns. Astonishingly, sending mothers to work has made families more vulnerable to financial disaster than ever before. Today's two-income family earns 75% more money than its single-income counterpart of a generation ago, but has 25% less discretionary income to cover living costs. This is "the rare financial book that sidesteps accusations of individual wastefulness to focus on institutional changes," raved the Boston Globe. Warren and Tyagi reveal how the ferocious bidding war for housing and education has silently engulfed America's suburbs, driving up the cost of keeping families in the middle class. The authors show why the usual remedies-child-support enforcement, subsidized daycare, and higher salaries for women-won't solve the problem. But as the Wall Street Journal observed, "The book is brimming with proposed solutions to the nail-biting anxiety that the middle class finds itself in: subsidized day care, school vouchers, new bank regulation, among other measures." From Senator Edward M. Kennedy to Dr. Phil to Bill Moyers, The Two-Income Trap has created a sensation among economists, politicians, and families-all those who care about America's middle-class crisis.

Product Details

ISBN-13:
9780465090907
Publisher:
Basic Books
Publication date:
08/16/2004
Edition description:
Reprint
Pages:
255
Sales rank:
564,758
Product dimensions:
5.31(w) x 8.00(h) x (d)

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The Two-Income Trap: Why Middle-Class Parents Are Going Broke 4.5 out of 5 based on 0 ratings. 8 reviews.
bah_bah_black_sheep-mh More than 1 year ago
The Two Income Trap gave me a better idea of why American citizens are going bankrupt, why their personal finances are in tatters, why the average American citizen--especially those with children--is NOT financially better off than he/she was 30 years ago. This book shatters the misconception that "most" people go bankrupt because of irresponsibility and out of control spending; they go bankrupt because they don't have a choice. I liked the authors' chapter that covers [bad] American bankruptcy and credit card lending legislation, because it gives me, as an economics student, an idea for a subject that needs advocacy for change, even an idea for a paper. The authors did offer some valid solutions--no taxes on savings, legislative reform, a better education system--but I wish there were more. I wrote/highlighted throughout all the pages. I enjoyed this book, and read it all yesterday (it isn't as dry as it might seem). I would recommend that anyone who is interested in finance/economics do the same.
Guest More than 1 year ago
Many of the reviewers here write about the authors points. The points in this book are valid and eye opening. Yet what can most american families do about it? the answer is simply that Jobs do not work as they use to for the middles classes in this generation. The answer is founded in business, free enterprise, what this country was founded on. More familys should considering getting into business now a days because you get so much in tax breaks. Great book :)
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