The Two-Income Trap

The Two-Income Trap

Why Middle-Class Parents Are Going Broke

By Elizabeth Warren; Amelia Warren Tyagi

Basic Books (AZ), Paperback, 9780465090907, 272pp.

Publication Date: August 2004

In this revolutionary expose, Harvard Law School bankruptcy expert Elizabeth Warren and financial consultant Amelia Tyagi show that today's middle-class parents are increasingly trapped by financial meltdowns. Astonishingly, sending mothers to work has made families more vulnerable to financial disaster than ever before. Today's two-income family earns 75% more money than its single-income counterpart of a generation ago, but has 25% less discretionary income to cover living costs. This is "the rare financial book that sidesteps accusations of individual wastefulness to focus on institutional changes," raved the "Boston Globe." Warren and Tyagi reveal how the ferocious bidding war for housing and education has silently engulfed America's suburbs, driving up the cost of keeping families in the middle class. The authors show why the usual remedies-child-support enforcement, subsidized daycare, and higher salaries for women-won't solve the problem. But as the "Wall Street Journal" observed, "The book is brimming with proposed solutions to the nail-biting anxiety that the middle class finds itself in: subsidized day care, school vouchers, new bank regulation, among other measures." From Senator Edward M. Kennedy to Dr. Phil to Bill Moyers, "The Two-Income Trap" has created a sensation among economists, politicians, and families-all those who care about America's middle-class crisis.

About the Author
Elizabeth Warren is a chaired professor at Harvard Law School. She is the author or coauthor of several books, including "The Two-Income Trap: Why Middle-Class Parents Are Going Broke." She has appeared on numerous television shows, including "Dr. Phil" and the "Today" show. She lives with her husband in Cambridge, Massachusetts.

Elizabeth and Amelia are mother and daughter.

Amelia Warren Tyagi, along with Elizabeth, is coauthor of "The Two-Income Trap. "She is the cofounder and Chief Operating Officer of The Business Talent Group. She has written for "Time, USA TODAY, The Chicago Tribune, " and is a regular commentator on "Marketplace". She lives in Los Angeles, California, with her husband and daughter.