413:, however, was much more critical. While he concedes that the book contains "valuable nuggets", he believes that its central premise is "based on what can only be described as a completely bogus and misleading analysis of income and consumption trends over time." Bruenig chalks up the apparent discrepancy behind the "two-income trap" to methodological mistakes on Warren's part, such as her making use of the wrong inflation index in her calculations. He argues Warren failed to account for category-specific inflation, with her instead applying overall inflation to each expenditure. He criticizes other oversights on her part, such as citing increased housing costs without considering the trend towards purchasing larger homes in recent decades. He also questions Warren's claim about homemakers acting as a secondary labor source, arguing it is insufficiently supported by evidence. Building on this, he argues that the concerns raised in the book can easily be solved by an expansion of the
391:
context of the US in 2019, Yglesias found that the book presented "a striking mismatch between the scale of the problem it identifies and the relatively modest solutions it proposes". At the same time, however, Yglesias calls Warren "way ahead of the political curve" in her criticisms of banking industry practices. Yglesias also noted Warren's emphasis on "normative" two-parent households and the societal value of raising children, which make
968:
375:, educator Audrey Ricker commented that the book "does a wonderful job of explaining why the American middle class is built on shifting sand", but criticized Warren and Tyagi for failing to explore opportunities afforded by a lower-income lifestyle, and for not including any interviews with families living in reduced economic circumstances.
251:, such that many families now rely on having two incomes in order to meet their expenses. This situation represents a greater level of financial risk than that faced by single-income households: the inability of either adult to work, even temporarily, may result in loss of employment, and concomitant loss of
187:. Her earlier writing was primarily aimed at academic audiences. She was considered a leading figure in the then-active debate over personal bankruptcy law, in which she argued for generous access to bankruptcy protection. She would later enter politics, campaigning successfully for the creation of the
289:
myth" that
Americans' financial instabilities are the result of frivolous spending โ they note, for instance, that families are spending less on clothing, food (including meals out), and large appliances, when adjusted for inflation, than a generation prior. They also note that dual-income households
390:
as "much realer and more interesting than any campaign book". Yglesias found the book to be an important source of insights to the evolution of Warren's policy positions, noting that the policy proposals in the fifteen-year-old book were of a smaller scale than Warren's current platform. In the
277:
of past generations "the most important part of the safety net", as the non-working mother could step in to earn extra income or care for sick family members when needed. However, Warren and Tyagi dismiss the idea of return to
298:
The authors propose several solutions to the "two-income trap". In order to decouple educational opportunity from real estate location, they propose allowing families to choose among public schools in their district, with a
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330:, and increased disclosure requirements for creditors. They suggest revisiting policies that have encouraged home ownership by making mortgages available with little or no
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and the ability to pay bills. This may lead to bankruptcy or being forced to move somewhere less expensive, with associated decreases in
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wrote that Warren and Tyagi "draw too fine a point here and there", but that ultimately "their main thesis is undeniable".
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Ricker, Audrey (Spring 2004). "Book Review: The Two-Income Trap: Why Middle-Class
Mothers and Fathers Are Going Broke".
138:
39:
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as a means of reducing fixed costs for families with children. Warren and Tyagi take care to consider possible
270:. Warren and Tyagi conclude that having children is the "single best predictor" that a woman will go bankrupt.
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584:"Nonfiction Book Review: The Two-Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke"
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678:"Economic Scene; Necessities, not luxuries, are driving Americans into debt, a new book says"
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417:, and that conservative interest in the book is "constructing errors on top of errors".
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families have been left in a precarious financial position by increases in fixed
311:, which have seen tuitions rise three times faster than inflation. They endorse
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have less discretionary money than single-income households a generation prior.
240:
90:
263:
282:, and instead propose policies to offset the loss of this form of insurance.
335:
33:
The Two-Income Trap: Why Middle-Class
Mothers and Fathers Are Going Broke
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400:
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The Two-Income Trap: Why Middle-Class
Mothers and Fathers Are Going Broke
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can love", but one with the potential to hurt Warren's appeal with some
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comes under heavy criticism for promoting legislation friendly to the
649:
The Two-Income Trap: Why Middle-Class
Parents Are (Still) Going Broke
726:
323:
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of various social programs aimed at middle-class economic relief.
175:
At the time of publication, Elizabeth Warren was a professor of
730:
18:
The Two-Income Trap: Why Middle-Class
Parents are Going Broke
646:
Warren, Elizabeth; Tyagi, Amelia Warren (April 12, 2016).
557:"Elizabeth Warren's book, The Two-Income Trap, explained"
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prices, lower employment security, and the relaxation of
227:
The authors present quantitative data to demonstrate how
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revisited the book in early 2019, in light of Warren's
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159:. The book examines the causes of increasing rates of
27:
2004 book by
Elizabeth Warren and Amelia Warren Tyagi
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346:, which Biden would win before going on to win the
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Warren and Tyagi also call for the restoration of "
262:Among the expenses driving the two-income trap are
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167:in American households. It was reissued in 2016.
706:"The Two-Income Trap Stuff Is Clearly Incorrect"
342:. Biden and Warren would later compete for the
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505:"The Warren Brief: Reading Elizabeth Warren"
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436:"The forgotten reactionary Elizabeth Warren"
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344:Democratic nomination for president in 2020
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285:Warren and Tyagi attempt to overturn the "
266:, housing in areas with good schools, and
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247:. The result has been a reshaping of the
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806:Progressive Change Campaign Committee
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618:Plumer, Bradford (November 8, 2004).
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151:is a 2004 popular nonfiction book by
65:Household income in the United States
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779:Consumer Financial Protection Bureau
434:Walther, Matthew (January 4, 2019).
189:Consumer Financial Protection Bureau
676:Madrick, Jeff (September 4, 2003).
25:
208:Master of Business Administration
195:from the state of Massachusetts.
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1029:Collaborative non-fiction books
503:Lepore, Jill (April 21, 2014).
384:candidacy for president in 2020
371:In her review for the journal
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704:Bruenig, Matt (May 6, 2019).
395:, in Yglesias' view, "a book
364:, economic policy consultant
1009:Books about economic policy
952:Nevertheless, she persisted
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854:2020 presidential campaign
816:Wells Fargo investigations
801:Accountable Capitalism Act
259:and economic opportunity.
1014:Books about labor history
994:Books by Elizabeth Warren
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198:Amelia Warren Tyagi is a
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1024:American political books
777:Special Advisor for the
933:This Fight Is Our Fight
710:People's Policy Project
411:People's Policy Project
303:system. They recommend
1004:Books about capitalism
999:2004 non-fiction books
273:Warren and Tyagi call
204:McKinsey & Company
620:"The Two-Income Trap"
328:credit interest rates
317:perverse consequences
229:American middle-class
200:management consultant
555:(January 23, 2019).
475:Educational Horizons
397:social conservatives
373:Educational Horizons
280:stay-at-home parents
275:stay-at-home mothers
249:American labor force
917:The Two-Income Trap
893:Amelia Warren Tyagi
796:Political positions
393:The Two-Income Trap
388:The Two-Income Trap
313:universal preschool
309:public universities
257:educational quality
165:economic insecurity
161:personal bankruptcy
157:Amelia Warren Tyagi
69:personal bankruptcy
55:Amelia Warren Tyagi
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772:from Massachusetts
683:The New York Times
361:The New York Times
358:In his review for
212:The Wharton School
193:elected US Senator
183:, specializing in
181:Harvard University
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925:A Fighting Chance
659:978-0-465-09771-5
588:Publishers Weekly
553:Yglesias, Matthew
354:Critical response
245:credit regulation
155:and her daughter
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129:978-0-465-09082-2
107:Publication place
16:(Redirected from
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713:. Retrieved
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625:Mother Jones
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407:Matt Bruenig
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366:Jeff Madrick
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689:February 1,
631:January 31,
568:January 31,
516:January 31,
447:February 1,
378:Journalist
241:real estate
139:Basic Books
91:Basic Books
82:non-fiction
988:Categories
895:(daughter)
421:References
264:child care
889:(husband)
869:primaries
826:Elections
401:feminists
336:Joe Biden
294:Proposals
87:Publisher
972:Category
789:Politics
487:42926496
441:The Week
218:Synopsis
859:debates
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61:Subject
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920:(2004)
899:Bailey
880:Family
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485:
47:Author
909:Books
901:(dog)
483:JSTOR
324:usury
210:from
115:Pages
79:Genre
847:2024
842:2018
837:2012
717:2024
691:2019
654:ISBN
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163:and
124:ISBN
102:2004
562:Vox
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