Sociology 030 The Two Income Trap

The Two-Income Trap Name Institution A few decades ago a typical family consisted of a father, mother, and children, today there is the choice and freedom of having a single parent family, a mother, mother, and children or a father, father and children. For this analysis, the first family setting of father, mother, and children will be used to analyze the given topic of two income trap. Traditionally the father, mother and child`s settings consisted of a working father and a mother who stayed at home to look at the children, the home, and her husband. Today all that has changed, and it is even common for the mother not to see her children for a week even though they live in the same house. The above happens when both the mother and the father are working career people, and their children attend school. Perhaps the parents got home late and tired when their children are already in bed, and the morning, the parents leave early for work before the children get ready for school. This has been an upcoming social issue that needs special analysis for a suitable solution. One-step towards this is by looking at the two-income trap. Today there are so many social, political, and economic factors affecting the middle-class families. Factors such as health care, education, housing, and childcare have become so expensive. This makes a married couple with kids to live an expensive life, which is forced by these factors. Most of the individuals in this class are filing for bankruptcy and getting a child after marriage is being observed as one of the predictors of bankruptcy. These hardships have forced families to send both of the parents to work for them to make ends meet. Hence, both parents have to work to secure their financial risk; however, according to Elizabeth Warren and Amelia Tyagi, it is wrong to assume that when both parents work full time they have it easy on ensuring financial security. They claim that a single income comparison was in a better position a generation ago than a two-income family even if they together pull a 75 more income. The issue being there is too many-fixed costs that are rising, making the two-income family have less to save. Major economic trends that have led to this trap in...