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The Two-Income Trap: Why Middle-Class Parents are Going Broke Paperback – International Edition, August 17, 2004
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From Publishers Weekly
Warren, a law professor at Harvard (The Fragile Middle Class) and her daughter Tyagi, a former McKinsey consultant, have joined forces here to argue here that the two-parent middle-class working family is on the brink of financial disaster. The number of families declaring bankruptcy or receiving a foreclosure against their house has shot up dramatically. Presenting carefully researched economic data to support their arguments, the authors contend that, contrary to popular myth, families aren't in trouble because they're squandering their second income on luxuries. On the contrary, both incomes are almost entirely committed to necessities, such as home and car payments, health insurance and children's education costs. When an unforeseen event such as serious illness, job loss or divorce occurs, families have no discretionary income to fall back on. The authors recommend a number of useful societal solutions to get families out of this trap, such as legally prohibiting credit card companies from charging grossly unfair interest rates and exposing banks that employ a loan-to-own strategy that steers minority customers to higher mortgage rates with an eye to future foreclosures. Warren and Tyagi point out that families buy homes they cannot afford in order to live in a neighborhood with better schools. Their proposed solution, however-to institute a public school voucher system with wider choice-is less carefully thought out. Overall, however, this is a needed examination of an emerging social problem.
Copyright 2003 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
"A startling account of the elusiveness of the American Dream." -- - Time Magazine
"Makes a good case that the epidemic of bankruptcy is not about people being irresponsible." -- - Paul Krugman
"You should read this book!" -- - Dr. Phil
Top customer reviews
Also - I bought it used so I don't fall into the Two-Income Trap and the quality was just fine.
I am a staunch Conservative. Elizabeth Warren is a staunch liberal, but her expertise in bankruptcy law and her willingness to confront both conservative AND liberal false-beliefs is refreshing. I am trying to get my conservative friends to read this book. :-) I have gotten many liberal friends to read it, and it has changed many of their assumptions.
This would be great reading in ANY economics course. My college daughter read this book, enjoyed it, and it has informed her!
Most recent customer reviews
This book focuses on policy reform while AYW concentrates on how we can get our personal finances in balance...Read more