10 Reasons America's Two-Income Families Aren't What You Think
(According to Harvard Law professor and bankruptcy expert Elizabeth Warren)

1. Two-income families today make 75% more in inflation-adjusted dollars, but have less money to spend than one-income families did 30 years ago.

(editorial comment: 1out of 5 jobs is a government job whose average pay exceed average private sector pay. 30 years ago more like 1 out of 12 jobs were a government job. The government has fingers into practically every aspect of our daily lives.
There is corruption due to the size and scope. “A government big enough to give you everything you want is big enough to take away everything you have.” - Goldwater/Ford formulation

Until the hogs at the gate pandering for politicians votes end, those lobbying government will funnel money into excess extravagance. The sheer size of government needs ongoing budget cuts, departments consolidated and liquidated and lobbyists imprisoned.)

2. Two-income families today spend: 21% less on clothing, 22% less on food, and 44% less on appliances compared to one-income families a generation ago.

3. Every 15 seconds an American family files for bankruptcy.

4. This year, more kids will live through their parents' bankruptcy, than through their parents' divorce.

5. 1.6 million families will file for bankruptcy this year, 9 million more are already in credit counseling.

6. Home mortgage foreclosures are up more than three-fold over the last generation and car foreclosures have hit record levels.

7. More than 62% of families say that they worry about making ends meet.

8. The average family spends 69% more in inflation-adjusted dollars on their home mortgage than their parents spent a generation ago.

9. The average family spends 61% more on health insurance, than their parents spent a generation ago.

10. Credit card default rates are at a record high.