daniellesalwaysreading's review against another edition
4.0
This is a practical book with practical solutions to the problems that middle-class Americans, especially mothers, face because of rising home prices and wage stagnation. Those two problems cause two-income families to have less financial stability than single income families did a generation ago. Some of the solutions are great. The advice is wonderful and has not lost its power even though this book was originally written in 2003. The authors clearly knew what horrors we faced due to the shenanigans that the banks have been allowed and encouraged to commit (and have never been punished for and are still doing).
Some things in the book were not so good. Women’s choices to have careers were downplayed in a way that allows and almost asks us to ignore the very important arguments the authors are making. It seems like they assumed that readers would think they thought women should have careers and choices with what they wanted to do with their lives because the Authors both have good, fulfilling jobs. It definitely seemed like they were blaming women for wanting to work, even though I don't think that is what they were saying at all. I just think they were assuming something as a given that was not a given.
As a woman, I fundamentally reject the idea that I have to be a stay-at-home parent. If my only choice as a married women was to be house wife, I would never have gotten married. If someone needs to stay at home with the kids, it will be my partner or no kids. My choice to have a career has nothing to do with giving my kids a better chance at staying in the middle class (like the argument here goes). It is much deeper than that; it has to do with my agency and my life's dreams. This book made it seem like jobs are unimportant for women in terms of anything but money (some probably are, but not most and certainly not all).
The idea they put forth about school vouchers was also very bad and I don't think Warren would support that any more if you asked her. How about we actually just fix the schools instead? Thanks.
Overall the authors brought up good points that other people have ignored. They talked about families and focused on women with empathy instead of blaming them for the problems that our society and politicians have caused so that big corporations can make more money and cause more problems.
Some things in the book were not so good. Women’s choices to have careers were downplayed in a way that allows and almost asks us to ignore the very important arguments the authors are making. It seems like they assumed that readers would think they thought women should have careers and choices with what they wanted to do with their lives because the Authors both have good, fulfilling jobs. It definitely seemed like they were blaming women for wanting to work, even though I don't think that is what they were saying at all. I just think they were assuming something as a given that was not a given.
As a woman, I fundamentally reject the idea that I have to be a stay-at-home parent. If my only choice as a married women was to be house wife, I would never have gotten married. If someone needs to stay at home with the kids, it will be my partner or no kids. My choice to have a career has nothing to do with giving my kids a better chance at staying in the middle class (like the argument here goes). It is much deeper than that; it has to do with my agency and my life's dreams. This book made it seem like jobs are unimportant for women in terms of anything but money (some probably are, but not most and certainly not all).
The idea they put forth about school vouchers was also very bad and I don't think Warren would support that any more if you asked her. How about we actually just fix the schools instead? Thanks.
Overall the authors brought up good points that other people have ignored. They talked about families and focused on women with empathy instead of blaming them for the problems that our society and politicians have caused so that big corporations can make more money and cause more problems.
hiraethandnostalgia's review against another edition
4.0
If you're interested in American trends in household finances, this is an excellent book. The prose is straightforward, the chapter topics are well-organized, the research seems solid (speaking as a layperson). It is a somewhat unsatisfying book because the authors are laying out the scope of a large, complex, thorny problem and the policy recommendations, while certainly seeming reasonable on first read, are also difficult to implement given ... well, the complexity of American politics.
One example. Warren and Tyagi note that as First Lady, Hillary Clinton worked against a bill whose near-clone Hillary Clinton would vote for (as a newly elected Senator whose campaign finances depended in part on donations from interested segments of the industry). It wasn't that the bill had improved massively during the interim, or that the bill would now cause less harm to split families, or that the bill would better serve the interests of the public. The difference was that the second time, it would have lost Senator Clinton more political capital (and money) and at the time, there were other issues on the table.
I'm not unsympathetic to political reality, and this is really a fantastically informative book. But this is not necessarily the sort of thing to read if you're looking to feel buoyed-up and hopeful at the end. At least there's the comfort in knowing that to solve any problem, you must first know the nature of the problem you are working to solve.
I will probably intend to read this again, but this is a 'maybe' re-read. (Alas, so many good books are.) The book is good, informative, solidly written, solidly researched, and does actually propose some policy changes that have a lot of potential. Not quite up to a five, which is admittedly kind of arbitrary; I'm trying to reserve 'five' ratings to the sorts of books that I will either definitely really want to re-read, or which were just plain delightful or (for nonfiction) useful above and beyond the norm.
One example. Warren and Tyagi note that as First Lady, Hillary Clinton worked against a bill whose near-clone Hillary Clinton would vote for (as a newly elected Senator whose campaign finances depended in part on donations from interested segments of the industry). It wasn't that the bill had improved massively during the interim, or that the bill would now cause less harm to split families, or that the bill would better serve the interests of the public. The difference was that the second time, it would have lost Senator Clinton more political capital (and money) and at the time, there were other issues on the table.
I'm not unsympathetic to political reality, and this is really a fantastically informative book. But this is not necessarily the sort of thing to read if you're looking to feel buoyed-up and hopeful at the end. At least there's the comfort in knowing that to solve any problem, you must first know the nature of the problem you are working to solve.
I will probably intend to read this again, but this is a 'maybe' re-read. (Alas, so many good books are.) The book is good, informative, solidly written, solidly researched, and does actually propose some policy changes that have a lot of potential. Not quite up to a five, which is admittedly kind of arbitrary; I'm trying to reserve 'five' ratings to the sorts of books that I will either definitely really want to re-read, or which were just plain delightful or (for nonfiction) useful above and beyond the norm.
caddysnack's review against another edition
4.0
Although this book was written ten years ago, before the housing bubble burst and the ensuing recession, it's lessons are still relevant today. An easy, quick, but important read.
tagrace's review against another edition
informative
fast-paced
4.0
Really interesting and sobering analysis of how (white, middle class) women going to work in the 1960s led to an increase in the precarity of the American middle class lifestyle. The book walks an interesting divide between being academic and a call to action: it's a little too lacking in detail (about race in particular) to really be academic and it's a little too bogged down in policy details to be just an activist book. But its core thesis is so unexpected and counterintuitive that I think it's definitely worth reading
chardmc1's review against another edition
3.0
As someone who has a difficult time getting into economics heavy books I enjoyed The Two Middle Income Trap fine. I finished the book in 2 sittings although it took me 12 days to get myself to start the second as the book struggles most when it’s 2003 release shows. As funny as mentions of CD players being the expensive new addition to cars much of the information was repeated. This however doesn’t take away from a lot of the genuinely useful information provided and I could definitely see this book being helpful to someone going through a situation described in the book. Made me glad Sears is out of business
joypouros's review against another edition
4.0
I was prepared for this to be incredibly dated, but I still see it as recommended reading in various forums, so I wanted to know what people were talking about.
To preface, I'm a married homeowner with no children, and this book is specifically about parents. I'm also generally interested in personal finance, but am not well versed in policy or finance outside the household.
Even so, I found this book very interesting, easy to follow, and a pretty quick read. (My version ends at page 180, with everything after being the appendix and notes.)
They do a good job presenting relevant statistics and addressing popular concerns one by one. Personally, I don't know how many of the discussed policies and regulations are still in place, or how much things have changed. I plan on doing a bit of that research later. However some things - like references to Hillary Clinton and Joe Biden and their record on these types of policies - are still very relevant.
These are generally liberal policies and views, which shouldn't surprise anyone given the author, but she's not exactly kind to democrats either - ie the references to Hillary Clinton and Joe Biden. Despite me being personally liberal when it comes to social reform and services, these were still issues I was largely unaware of. Even if you don't agree with her views, it's an interesting read and enlightening statistics.
To preface, I'm a married homeowner with no children, and this book is specifically about parents. I'm also generally interested in personal finance, but am not well versed in policy or finance outside the household.
Even so, I found this book very interesting, easy to follow, and a pretty quick read. (My version ends at page 180, with everything after being the appendix and notes.)
They do a good job presenting relevant statistics and addressing popular concerns one by one. Personally, I don't know how many of the discussed policies and regulations are still in place, or how much things have changed. I plan on doing a bit of that research later. However some things - like references to Hillary Clinton and Joe Biden and their record on these types of policies - are still very relevant.
These are generally liberal policies and views, which shouldn't surprise anyone given the author, but she's not exactly kind to democrats either - ie the references to Hillary Clinton and Joe Biden. Despite me being personally liberal when it comes to social reform and services, these were still issues I was largely unaware of. Even if you don't agree with her views, it's an interesting read and enlightening statistics.
finesilkflower's review against another edition
4.0
Now-Senator, then-Professor Elizabeth Warren and her daughter, business consultant Amelia Tyagi, make data-driven, logical, hard-hitting arguments that explain how so many more American middle-class families are falling off financial cliffs in this generation than in their parents'. And it's not due to unrestrained spending or poor morals. Piece by piece, Warren and Tyagi create a layered and nuanced argument showing the convergence of a number of dangerous puzzle pieces: a widening gap between good and bad schools; the resulting bidding war for houses in good school districts; deregulation in the mortgage and consumer credit industries; unrestrained rises in tuition for college and preschool, both of which are increasingly considered a necessity; and of course the "Two Income Trap" of families that need two incomes to support their high fixed costs (mortgage, tuition, insurance, etc.), leaving them with nowhere to cut back, no new potential income streams (i.e. Mom going back to work), and no safety net when disaster hits.
This book is 10 years old now but it's still relevant. It's actually surprising how little has changed since 2003. Sure, the housing bubble burst, the credit crisis happened, but even these calamities don't seem to have led to meaningful reform in the credit industry.
Most of the proposed solutions are law and policy changes, which I feel powerless to do much about (Warren suggests writing to senators, etc--but Warren IS my senator!) There are a few suggestions for things families can do to protect themselves. (For the most part, it comes down to keeping fixed costs as low as possible. Structure your life so that you can live on one income if needed. Buy insurance.) It also lays out all the arguments you need to fight with your Uncle Fred when he grumbles that the current generation got into this mess by buying too many trinkets and dinners out on their credit cards. (Warren and Tyagi actually have the data to show that the luxury spending altogether has not risen in the past generation, and they make the logical argument that a family who did overspend on luxuries would actually be relatively fine in the face of financial disaster such as a layoff: they could always stop the overspending, immediately. It's the families whose two incomes are committed to inextricable fixed costs like mortgage in good school district that are in trouble--families that "play by the rules", work hard, live thriftily, and forego luxuries, who have no wiggle room in their budget.) Much good it will do you to argue with Uncle Fred, but still, nice to have ammunition.
This book is 10 years old now but it's still relevant. It's actually surprising how little has changed since 2003. Sure, the housing bubble burst, the credit crisis happened, but even these calamities don't seem to have led to meaningful reform in the credit industry.
Most of the proposed solutions are law and policy changes, which I feel powerless to do much about (Warren suggests writing to senators, etc--but Warren IS my senator!) There are a few suggestions for things families can do to protect themselves. (For the most part, it comes down to keeping fixed costs as low as possible. Structure your life so that you can live on one income if needed. Buy insurance.) It also lays out all the arguments you need to fight with your Uncle Fred when he grumbles that the current generation got into this mess by buying too many trinkets and dinners out on their credit cards. (Warren and Tyagi actually have the data to show that the luxury spending altogether has not risen in the past generation, and they make the logical argument that a family who did overspend on luxuries would actually be relatively fine in the face of financial disaster such as a layoff: they could always stop the overspending, immediately. It's the families whose two incomes are committed to inextricable fixed costs like mortgage in good school district that are in trouble--families that "play by the rules", work hard, live thriftily, and forego luxuries, who have no wiggle room in their budget.) Much good it will do you to argue with Uncle Fred, but still, nice to have ammunition.
alosaurus's review against another edition
3.0
Really easy read and really good points made in this book, only giving at three instead of four stars because I wonder how relevant the statistics are A decade later and post 2008 recession.