Changes within the Last Generation Research Assignment

Changes within the Last Generation
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Changes within the Last Generation
More and more Americans and citizens in the developing states of the modern generation are increasingly entering a debt trap as they indulge themselves in impulsive and lustily purchases of items they would rather do without. This trend, mainly caused by the upper class has resulted in the middle class reducing their savings while increasing their debts. This phenomenon can be justified from the number of the middle class citizens filing for bankruptcy. The culture of impulsive spending among Americans has led to the decline in the value of public goods including culture, recreation and services. In the last generation, the enrollment of women into the workforce was not common (Galley, 2014). However, in the current generation, increased numbers of women have entered the workforce and the changes in family and personal finances can be related to this social aspect. The aspect of women entering the workforce implies that there is an increase in median income in families since both partners are now breadwinners. According to Galley (2014), the last generation witnessed an increase in the number of mothers staying at home where 49 percent of mothers were largely stay-at-home mothers. Today, these statistics have reversed and modern women are more likely to assume full-time jobs rather than staying at home. Women are also taking shorter maternal leaves at their workplaces and their contribution in the workforce has spurred family incomes thus increasing the purchasing power. In contrast, the amount of saving in families has declined as family spends more money and bankruptcy rates skyrocketing.
Elizabeth Warren, a bankruptcy expert claims that the present generation is more likely to get bankrupt than suffer from a heart attack. In their book, “The Two Income Trap, ” Elizabeth Warren and Amelia Tyagi...