Economic data of present times show that families now have more money to spend as more members are earning. The typical two income family of the present where both the husband and wife are earning make75 percent more than what a typical family of the last generation Economic data of present times show that families now have more money to spend as more members are earning. The typical two income family of the present where both the husband and wife are earning make75 percent more than what a typical family of the last generation earned. Although they have more to spend, their savings have drastically fallen. They are the educated class, having decent jobs, but they find it difficult to pay their medical bills. Filing for bankruptcy has increased drastically among this class. Warren and Tyagi argue that the reason for the financial crisis among the middle class is not their spendthrift habits, but that they have to spend much more for basic necessities, like housing, school for the children, healthcare and basic expenses. Families who face the calamity of foreclosure, are isolated, instead of being supported. The authors put up a strong case against the credit industry which is at the bottom of the myth of overspending by the middle class. They conclude by giving a number of suggestions for improving the situation.America is an affluent society, considering the global situation. The middle class, which is the backbone of the American society has never been so prosperous as it is now.
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This paper represents a review of a book titled "Why Middle-Class Mothers and Fathers are Going Broke" written by Elizabeth Warren and Amelia Warren Tyagi which discusses the economic and financial data in order to research the maligning of the middle class…
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