Rating: 
Summary: Good start, but not comprehensive
Review: Warren and Warren Tyagi suggest a variety of government regulation to fix "The Two-Income Trap" - the financial state where the two adults in a household both work and there is no way to get ahead, keep up or even create a safety net in the event of a layoff or medical problems. Many pages are spent discussing credit and bankruptcy regulation, for example. It seems odd to me that little time was spent reviewing tax issues or in making suggestions for updating tax laws to address the "trap" the authors see in middle class family life. Or, for that matter, why overconsumption is virtually dismissed as a cause for the financial squeeze so familiar to so many (the authors cite a figure less than $200 for an annual cable television expense, which is absurdly low - I know families who pay nearly $3,000 per year). Several paragraphs address the option of not having children, but no mention is made to having fewer children (many families profiled have three or more kids) or waiting to have them until a couple's financial life is steady. "The Two-Income Trap" begins the conversation, but falls short of presenting truly workable solutions. Perhaps the authors wished to foment some kind of social movement to fix the problems they've identified. If so, the writing - while competent and engaging - is not passionate enough to fulfill the goal.
Rating: 
Summary: What a relief!
Review: As a stay-at-home mom who was seriously considering putting my 3 young children in daycare to return to the workforce, I am so glad I read this book first. My husband and I have graduate degrees and yet we just get by each month. It seems absurd that we live paycheck to paycheck on my husband's >$80k salary, but after rent, our one car payment, health insurance, and our utilities we have just enough left over to eat and put gas in the cars. I admit we splurge on Starbucks on the weekend and eat out once or twice a month (nothing fancy, of course). I feel guilty when I buy clothes for the kids (target), go grocery shopping (costco and at least 2 other markets to get the best prices), or get a hair cut (SuperCuts). The fact that we don't have a savings account or own a home drives me crazy and makes me feel like we're financial failures. BUT when even older, fixer-upper homes in our area (San Diego) cost more than $450,000, it seems impossible to save even a 5% down payment just by cutting back on our weekly Starbucks treats. Not to mention we would not even qualify for a loan on a home that price without a 20% down payment. I know, you are saying, "MOVE!". Well, my husband works in biotech and there are a plethora of jobs here and only in a few other places in the U.S. in this field. In addition, our family is here and we rely on their moral support and occasional free babysitting. Some things in life are more important than money. This book erased my guilt and made me see that we aren't the only ones living this middle-class trap. I realize we have to live our lives despite not living up to financial experts' admonitions that one should have a financial safety net or own a home. Yes, we could be financially devastated by one unfortunate event, but I could then return to work and our families would ensure we would not be homeless. Beside the feeling that I am doing the right thing being home with my kids, I do often wonder if I am doing them a disservice by not having money in the bank or a home of their own. I loved this book! I am truly grateful that we are only in this situation living on one income and not two. Then what would we do if things got out of control?
Rating:
Summary: Great book, just ignore their policy recommendations
Review: This book presents an eye-opening picture of the financial state of American families and the risks associated with the lifestyle choices of the middle class. It does an excellent job at demonstrating what not to do and the downsides of a debt-heavy lifestyle. If you take nothing else away, read this book to find out how to avoid these problems before they happen. I have two criticisms, but buy the book anyway. Just (mostly) ignore chapter 5 because longer-term policy recommendations are irrelevant to most of our immediate financial pictures. First, their public policy recommendations are narrowly focused around a few changes that would affect abusive practices. But it is sheer hipocrisy to criticize the credit industry for being greedy by lobbying against an exception to the bankruptcy laws for divorced parents, which the authors support. Apparently the authors think some creditors (divorced mothers) are more equal than others also. It also falls short on holding individuals responsible, asserting that the market drove people to make decisions that were financially bad. Well, we all make choices, and we can choose not to engage in a bad deal. The market doesn't force anyone to do anything. People make choices based on their expected outcomes. They seem to be excusing many of those decisions basically by saying that people can't recognize bad deals. Fixing the problem requires addressing the cause, not the secondary effects. But reading this book is a solid primer for anyone to spot the raw deals and avoid them.
Rating: 
Summary: REQUIRED READING ! ! !
Review: YIKES! This book provides great insight into the trap of the two income family. From "hidden" costs such as childcare to the hardship of medical care, this book will definitely open your eyes to how most American families are living. Statistically, more Americans are buying home based on dual-income mortgages than before. Coincidentally, if one of the two wage earners lost their job, they would be one paycheck away from mortgage foreclosure. Sad but true, this book will help anyone realize that the dual-income strategy may not be the best plan for success and happiness....Mason Johnson, President, www.TomorrowsGold.com
Rating:
Summary: Accessable,well researched, a must read
Review: Excellent book. Unbiased and not your party propaganda, but a frank examination of the safety net average Americans need and don't have.
A reality check indeed!
Send a letter to your congressperson and senator, because this little book should be in their hands.
Turn off the TV and read this important work. Then get active.
I would also add, that this book dispels myths and wives tales around those having troubles.
The highly Moral Millionaires who sit in the U.S. Senate are deeply out of touch with the working person's world, yet are paid visits by PAC's from the Credit, Banking, Insurance, and Medical industries with wads of cash to ensure that their interests are met.
Time for people to stick together, rather than fight against each other.
"There for the grace of God" is a byword for the middle class and these two stellar ladies bring this to the fore.
Great job!
Rating:
Summary: ReViEw
Review: This novel is generated mostly around the mother and her obsession to the casino where her and her family go for a celebration of the mother's boyfriend getting hired to his new job.the book is interesting in the beginning until it gets to the middle where you could just guess and infer what's going to happen.It was very evaluating but got boring because no real action starts to happen except the mother's obssesion becomes overwhemingly out of control and she has no money to go to the casino so she sneaks into her daughter's room in the middle of the night and takes her money for the slots.The book concludes on a consistent basis and when you read it it's not gonna end the way people infer it will end.It's more of a movie type plot and theme doesn't really catch the attention of the readers like it should.The topic was depicted great but it just lacked focus and enmtertainment.
Rating:
Summary: This is One Scary Book
Review: The mother/daughter team of Elizabeth Warren and Amelia Warren Tyagi have written one scary book. What exactly makes this book so frightening? The fact that many of their conclusions are probably correct. A friend who happens to be a CPA who counsels families in financial trouble told me about this book. She actually is warning her clients not to read it because it paints a fairly bleak and depressing picture. Naturally, after she told me this, I had to read it, even though she was correct, much of the information contained in it is depressing. For one thing, in many ways the integration of women into the workplace and the rise of the two income family has not had the positive effect one might have hoped it would. Because so many families are now two income dependent they have become trapped and are more financially vulnerable than previous generations. Many families use all of the income they receive from both husband and wife, and barely get by. As a result, any interruption of the income flow can result in disaster. One telling statistic: today's two-income family earns 75% more money than its single-income counterpart of a generation ago, but actually has less discretionary income once their fixed monthly bills are paid. This is generally blamed on overconsumption and claims that we are a credit card generation that it is paying the price for its free spending ways. And no doubt credit spending has its role in the financial problems of middle America. But Warren and Tyagi make a compelling case that this is not necessarily the whole story. Instead, they propose that the culprit is in large part the ever escalating cost of housing and education in America's suburbs. As many parents chase the better schools in an attempt to assure their children the best possible education, real estate prices in areas serviced by those schools rise and with it the cost of the homes. At one time, families could count on stay-at-home mothers as a kind of financial safety net if disaster struck. If dad lost his job or some other financial problem arose, mom could go to work either fulltime or part-time to help tide the family over until the crisis abated. But today, when so many families are dependent on two incomes, families are at a frightening risk should any financial crisis arise in the family. The authors do propose some modest solutions, but its doubtful many of their suggestions would ever be implemented on anything more than a limited basis. Among their suggestions are rate caps on credit cards and open-access public schools, but none of their suggestions can truly provide a fix for the problem. Some people have dismissed their findings and conclusions. Unfortunately, I believe they are truly on to the core of the problem. While this book does indeed paint a bleak picture, with bankruptcy often proving to be the only solution for many families, it is a timely and recommended book for anyone concerned about the financial future of Middle America. I would criticize the authors for not offering more realistic solutions to the problem, unfortunately in the current economic environment there may not be any.
Rating:
Summary: Read It & Weep
Review: Sometimes the truth hurts, and with this excellent and well-documented book, all of us who work like dogs to support our families can see the larger economic picture that makes us ask--"What are we doing wrong?" My wife and I both work and sometimes barely see each other. Some weeks I feel like I hardly see my kids. The authors do a great job of explaining the trap we've fallen into, but the solutions are neither easy nor simple to achieve. A good and difficult book. Let me also recommend a book that comes from a much different angle, "I Sleep At Red Lights: A True Story of Life After Triplets," by Bruce Stockler, a funny and refreshingly honest account of how one man juggles his career, marriage and his desire to spend more time with his kids.
Rating:
Summary: More "Either/Or" Thinking
Review: As usually, the reviews for this book follow the national addiction to either/or thinking. One camp believes that lack of personal responsibility leads to overconsumption of consumer goods. That is the cause of the financial woes of the middle class. The other camp believes that it is, as the authors believe, rising costs in fixed expenses such as housing and education. That is the cause of the financial woes of the middle class. I guess that it's impossible that there may be some truth to both theories.
Rating: 
Summary: Economic Ignorance
Review: How this book was approved for publication is beyond me. The authors look at costs for items like clothing and food, see that the percentage of family income for these inputs has increased and assume that the reason is increases in the costs of education, health care and housing. In this view, Americans are in many ways living worse now than in the 1970s. The error with this is that the book does not address the dramatic lowering of the costs of food, clothing, and consumer items due to free trade. As these costs have decreased, people are buying more of these goods while at the same time shifting some of the money saved into education, health care, and housing...all of which are non-traded goods. (Does anyone doubt that we have more clothes, more food, and more gadgets than in the 1970s?) Between these shifts and the increase in two wage families, OF COURSE the price of these goods have been driven up! (I pause here to express annoyance about a basic logical flaw in the book's analysis: If families are working two jobs to afford the mortgage et al...and all the additional funds earned are spent on a second car, child care, etc. as the book asserts, then simple logic insists that the second job is NOT, in fact, necessary for the mortgage et. al!) The basic ignorance of economics is compounded by their suggested remedies. A massive government program to support middle class housing and reduce the costs of higher education will...wait for it...have the effect of increasing even more rapidly the costs of these goods! All in all, an excellent example of why non-economists should not write about economics.
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