Have you read the book, The Two Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke by Elizabeth Warren? Warren, a Harvard law professor, reveals how families lived in the 1970’s, in comparison to how they are living now. The results will shock some and surprise others including the revelation that many believe that they are spending more on luxury items in this decade, whereas the study shows that double income families of today are spending more on necessities such as health care, education and other essential items The danger of losing it all becomes more apparent as Warren explains that in the past, should the breadwinner fall ill or be laid off from work, the other parent could pick up the slack and help out the family, whereas currently households are reliant on both incomes and still not making ends meet in many cases.
The current economic situation is a reminder to practice introspection and self-observation regarding lifestyle choices as well as evaluating the costs of living expenses. Elizabeth Warren’s book provides credible and informative facts including the need for universal changes such as the public school system and with credit companies. In addition, the book offers straight forward talking points providing families with information to consider making financial changes of their own.
A You Tube video is available featuring Elizabeth Warren as she speaks on this topic here: http://www.youtube.com/watch?v=akVL7QY0S8A&feature=related
What are your thoughts about the economy and what’s occuring at a national, state and your home town level? Have you found a creative way to manage during this time? Has the economic situation reminded you of the pleasures of the simple things in life and the importance of family and time spent with friends? Will you change the way you live? Drop us a line and let us know your thoughts about the economy…