Middle Class, Major Pains
The middle class has always been at the heart of the American Dream, at the heart of the world’s strongest economy. A large middle class trades with itself, creates jobs for itself, funds a large tax base, and builds social and political stability. Yet, in the past fifty years, the economic elements that supported our middle class have atrophied and even disappeared. Though incidental costs, like clothing and appliances, are far more affordable these days, larger costs, like housing, health care, and education, have skyrocketed. Household income has increased, but only by adding Mom to the workforce. Maybe this all sounds too familiar to you?
Elizabeth Warren/Amelia Warren Tyagi: The Two-Income Trap
[Basic Books - 2003]