The Two Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke PDF
Preview The Two Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke
The Two-Income Trap ALSO BY ELIZABETH WARREN: As We Forgive Our Debtors The Fragile Middle Class The Two-Income Trap Why Middle-Class Mothers and Fathers Are Going Broke ELIZABETH WARREN AMELIA WARREN TYAGI A Member of the Perseus Books Group New York Copyright © 2003 by Elizabeth Warren and Amelia Warren Tyagi Published by Basic Books, A Member of the Perseus Books Group All rights reserved. Printed in the United States of America. No part of this book may be reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in critical articles and reviews. For information, address Basic Books, 387 Park Avenue South, New York, NY 10016-8810 Books published by Basic Books are available at special discounts for bulk purchases in the United States by corporations, institutions, and other organizations. For more information, please contact the Special Markets Department at the Perseus Books Group, 11 Cambridge Center, Cambridge, MA 02142, or call (617) 252-5298, (800) 255-1514 or [email protected]. Designed by Brent Wilcox. Warren, Elizabeth. The two-income trap : why middle-class mothers and fathers are going broke / Elizabeth Warren and Amelia Warren Tyagi. p. cm. ISBN 0-465-09082-6 (alk. paper) 1. Dual-career families—United States. 2. Family—Economic aspects— United States. 3. Bankruptcy—United States. I. Tyagi, Amelia Warren, 1971- . II. Title. HQ536.W35 2003 306.3'6'973—dc21 2003010496 03 04 05 / 10 9 8 7 6 5 4 3 This book is dedicated to all parents who wake up with hearts thudding over the possibility that buying school shoes and Girl Scout uniforms will mean that there wont be enough left over to pay the mortgage. These people are our neighbors, our brothers and sisters, our friends and coworkers. They travel anonymously among us, but we know them. They went to college, had kids, bought a home, played by the rules—and lost. It is time to rewrite the rules so that these families are winners again. This page intentionally left blank CONTENTS 1 Just the Way She Planned 1 2 The Over-Consumption Myth 15 3 Mom: The All-Purpose Safety Net 55 4 The Myth of the Immoral Debtor 71 5 Going It Alone in a Two-Income World 97 6 The Cement Life Raft 123 1 The Financial Fire Drill 163 Appendix 181 Acknowledgments 189 Notes 193 Index 245 About the Authors 255 vii This page intentionally left blank The Two-Income Trap
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