Elizabeth Warren - The Two Income Trap:


Angstrom
-1
#1

Elizabeth Warren - The Two Income Trap Why Middle-Class Mothers and Fathers Are Going Broke - YouTube

!

Good book review.
 
Walter
+2 / -3
#2
Warren was a special advisor to the Bamster on financial matters. Nuff said.
 
DaSleeper
+2 / -1
#3
Quote: Originally Posted by WalterView Post

Warren was a special advisor to the Bamster on financial matters. Nuff said.

That explains everything right there
 
Tonington
+2
#4
Quote: Originally Posted by WalterView Post

Warren was a special advisor to the Bamster on financial matters. Nuff said.

The US is projected to perform better than Canada this year economically. Maybe that is enough said...
 
Walter
-1
#5
Quote: Originally Posted by ToningtonView Post

The US is projected to perform better than Canada this year economically. Maybe that is enough said...

Projections are different than actuality.
 
Tonington
+3
#6
Quote: Originally Posted by WalterView Post

Projections are different than actuality.

So then look at the last month's employment numbers. Actually, 2300 jobs added in Canada. 243,000 in the US. Or last Quarter, GDP rose 2.8% in the US, and only 1.5% in Canada.
Canada's Economic Growth No Longer Leads G7 (external - login to view)
 
DurkaDurka
+1
#7
Quote: Originally Posted by ToningtonView Post

So then look at the last month's employment numbers. Actually, 2300 jobs added in Canada. 243,000 in the US. Or last Quarter, GDP rose 2.8% in the US, and only 1.5% in Canada.
Canada's Economic Growth No Longer Leads G7 (external - login to view)

Don't confuse the chap.
 
Tonington
+1
#8
Quote: Originally Posted by DurkaDurkaView Post

Don't confuse the chap.

I used simple enough words, even Vic Toews should be able to understand...
 
Angstrom
+4
#9
Health problem for my wife and lost of job for me, in 2005.
We never recovered. We still are carrying the same dept we took on
to keep up with our middle class life style.

We don't have cable or fancy cell phones, we don't have HD TV.
I can't remember the last time we bought our 2 kids clothing.
I've never bought furniture after 2003. We rent someone's basement apartment.
We own two beat up cars. I think She has a valid point.

People are going broke trying to stay middle class.
 
L Gilbert
+1
#10
"Elizabeth Warren - The Two Income Trap"
I think anyone that has noticed the gap between rich and poor getting larger, wondered why, and researched even a little bit would realize this stuff.
 
DurkaDurka
+1
#11
Quote: Originally Posted by ToningtonView Post

I used simple enough words, even Vic Toews should be able to understand...

Vic might need to get his babysitter/wife to spell it out for him.
 
L Gilbert
#12
Quote: Originally Posted by WalterView Post

Warren was a special advisor to the Bamster on financial matters. Nuff said.

So don't bother showing where she's wrong, just dismiss her research because she worked for DUHbama?
Senseless and irrelevant.
 
Angstrom
#13
Quote: Originally Posted by L GilbertView Post

"Elizabeth Warren - The Two Income Trap"
I think anyone that has noticed the gap between rich and poor getting larger, wondered why, and researched even a little bit would realize this stuff.

Yes but she has good Data to back it up
 
L Gilbert
#14
Quote: Originally Posted by AngstromView Post

Yes but she has good Data to back it up

Uh, yeeeeaah. I gathered that.
 
Angstrom
#15
Quote: Originally Posted by L GilbertView Post

Uh, yeeeeaah. I gathered that.





I've tried many times to explain what Warren is saying. I usually immediately am told.
I must be spending a lot of money on all kinds of gadgets or none essential things.

I do spend a lot on tools. But that's because I don't want to lose my job again.
 
L Gilbert
#16
Quote: Originally Posted by AngstromView Post





I've tried many times to explain what Warren is saying. I usually immediately am told.
I must be spending a lot of money on all kinds of gadgets or none essential things.

I'm not surprised. What other people say about someone, though, is usually said from a position of ignorance. You know better than anyone else what your family spends money on, right?
 
DaSleeper
#17
Quote: Originally Posted by AngstromView Post

We own two beat up cars. I think She has a valid point.

People are going broke trying to stay middle class.

How much is the insurance/repairs/fuel and maintenance on two cars???
When My wife and I retired....the first thing we did was get rid of one vehicle, $2500 a year savings.
 
skookumchuck
+2
#18
Seems to me that if you insist on conforming to the standards and expectations of the peers you choose it may be too late to reconsider?
Translation = low self esteem.
 
#juan
#19
I have no idea what the "two income trap" is. My wife and I appear to fall into that catagory but
I guess we made a slightly higher than average income. My wife was with the kids until they
started school. My wife was an RN and I was a mechanical designer and we had no trouble
living on our combined CCP and OAS when it kicked in. We both had private pension plans
and we had no mortgage plus we had money set aside for cars, vacations etc. It wasn't
very difficult. I've been retired for over ten years now.
 
taxslave
#20
There is some truth to what she says but I do wonder why anyone that is reasonably health would stay in a city barely making ends meet and whine about it when there are so many good paying jobs available in the resource industries. All you have to do is get your lazy butt to one of their job fairs. Many places are quite suitable for families. In fact families are encouraged to come as it creates a more stable work force.
 
Angstrom
+1
#21
Quote: Originally Posted by DaSleeperView Post

How much is the insurance/repairs/fuel and maintenance on two cars???
When My wife and I retired....the first thing we did was get rid of one vehicle, $2500 a year savings.

We have just recently bought the 2nd car at the end of 2011.
I told her we could not afford it. The car itself is a 2002 Accent, I payed 500$ for it

With both of us working, our singule car was the main cause for fights, and stress.
I called it. The Car Wars, Chuckls. my wife and I rarely fight,
But time sharing the car was the major subject of many heated discussion in the house.

I'd have gone on without 2 cars, but Its easy for me to say that, when I was always first priority for the car, Due to my work being top earnings.

Now that we have 2 car's I have a hard time wrapping my head around how we managed withought.
It makes things so much simpler.

Quote: Originally Posted by taxslaveView Post

There is some truth to what she says but I do wonder why anyone that is reasonably health would stay in a city barely making ends meet and whine about it when there are so many good paying jobs available in the resource industries. All you have to do is get your lazy butt to one of their job fairs. Many places are quite suitable for families. In fact families are encouraged to come as it creates a more stable work force.


Its not easy for some to even imaging losing there safety net of close loved ones. I've suggested many times to my wife we do that.
From the feedback I get, I think it would be a major strain on our family and marriage.

Anyways I'm trying hard not to whine about it to much, it still gets the better of me here and there like yesterday =)

Quote: Originally Posted by #juanView Post

I have no idea what the "two income trap" is. My wife and I appear to fall into that catagory but


If you watch the whole video, you'll understand that its mostly a Generation Y Phenomenon but not limited too.

Basically the idea is,
the Boomer feminist drive for equality and opportunity in the work force,
Has, today hyper inflated cost of living to a point that it is no longer a luxury, but a necessity,
to have 2 big earners in the family household.

If you have time to watch it all. It gives you a good idea of what many family's are dealing with today.

In a Way you could say, you created the trap without knowing.
And the next generations fell into it without knowing =)
Last edited by Angstrom; Feb 23rd, 2012 at 03:06 AM..
 
TenPenny
#22
Quote: Originally Posted by taxslaveView Post

There is some truth to what she says but I do wonder why anyone that is reasonably health would stay in a city barely making ends meet and whine about it when there are so many good paying jobs available in the resource industries. All you have to do is get your lazy butt to one of their job fairs. Many places are quite suitable for families. In fact families are encouraged to come as it creates a more stable work force.

That's aa good question why would you stay in a bad situation and whine. Look at half of Newfoundland, the men go out to Alberta to work, the families stay home. I personally know of 3 friends who left good paying jobs here in NB to move to Alberta.
 
DaSleeper
#23
Quote: Originally Posted by DaSleeperView Post

That explains everything right there

Eheh...a fly by neg from someone who hasn't yet posted in this thread, says a lot about ideologues
 
petros
+3
#24
Quote: Originally Posted by ToningtonView Post

So then look at the last month's employment numbers. Actually, 2300 jobs added in Canada. 243,000 in the US. Or last Quarter, GDP rose 2.8% in the US, and only 1.5% in Canada.
Canada's Economic Growth No Longer Leads G7 (external - login to view)

Recovery isn't growth.

US has 20%+ unemployment. 243,000 jobs doesn't even make 1% recouped from losses.
 
taxslave
#25
Quote: Originally Posted by AngstromView Post

We have just recently bought the 2nd car at the end of 2011.
I told her we could not afford it. The car itself is a 2002 Accent, I payed 500$ for it

With both of us working, our singule car was the main cause for fights, and stress.
I called it. The Car Wars, Chuckls. my wife and I rarely fight,
But time sharing the car was the major subject of many heated discussion in the house.

I'd have gone on without 2 cars, but Its easy for me to say that, when I was always first priority for the car, Due to my work being top earnings.

Now that we have 2 car's I have a hard time wrapping my head around how we managed withought.
It makes things so much simpler.




Its not easy for some to even imaging losing there safety net of close loved ones. I've suggested many times to my wife we do that.
From the feedback I get, I think it would be a major strain on our family and marriage.

Anyways I'm trying hard not to whine about it to much, it still gets the better of me here and there like yesterday =)




If you watch the whole video, you'll understand that its mostly a Generation Y Phenomenon but not limited too.

Basically the idea is,
the Boomer feminist drive for equality and opportunity in the work force,
Has, today hyper inflated cost of living to a point that it is no longer a luxury, but a necessity,
to have 2 big earners in the family household.

If you have time to watch it all. It gives you a good idea of what many family's are dealing with today.

In a Way you could say, you created the trap without knowing.
And the next generations fell into it without knowing =)

I understand your problem but fighting about money or lack thereof is not conducive to a happy marriage either. There are many places where you cn take your family and both make lots of money. In 10 years or so you could probably afford to buy a house in the city instead of being stuck paying rent in a $hithole the rest of your life.
 
karrie
+5
#26  Top Rated Post
I am going to unapologetically skip over the vid as my time on here this morning is limited, but, I had a thought to add to the discussion just based off the title of it... I don't understand how my friends can afford to work. I watch them shell out for daycare, after school care, ready made meals, spend more on everything from clothes to groceries because they don't have time to chase sales, pay more for their wardrobe, pay more for vacations because the family NEEDS some time together after all that hectic chaos. They spend more on vehicles. Having a two income household equates to a cash hemmorage. I don't get it at all. Everyone sits and tells me how 'lucky' I am to be able to afford to stay home. Luck has zero to do with it. We have planned for it, we budget for it, we deny ourselves debt for it. We do not take out credit on any depreciating item unless it's a cash earner (a loan on hubby's truck because he gets paid allowance and mileage on it). If we can't afford something, we can't afford it, plain and simple. Our society's view of 'wealth' is ridiculous!
 
#juan
#27
Quote: Originally Posted by karrieView Post

I am going to unapologetically skip over the vid as my time on here this morning is limited, but, I had a thought to add to the discussion just based off the title of it... I don't understand how my friends can afford to work. I watch them shell out for daycare, after school care, ready made meals, spend more on everything from clothes to groceries because they don't have time to chase sales, pay more for their wardrobe, pay more for vacations because the family NEEDS some time together after all that hectic chaos. They spend more on vehicles. Having a two income household equates to a cash hemmorage. I don't get it at all. Everyone sits and tells me how 'lucky' I am to be able to afford to stay home. Luck has zero to do with it. We have planned for it, we budget for it, we deny ourselves debt for it. We do not take out credit on any depreciating item unless it's a cash earner (a loan on hubby's truck because he gets paid allowance and mileage on it). If we can't afford something, we can't afford it, plain and simple. Our society's view of 'wealth' is ridiculous!

Karrie, I think you hit the nail on the head, or more correctly, a few nails on the head. When we got married, having a second income in the family was a bonus that grew into a neccessity. Housing prices skyrocketed because two income families could afford them. The first house we bought for twenty thousand was on the market for over forty five thousand three years later. We missed the trap because we got rid of our mortgage early and we had two good incomes
 
Tonington
#28
Quote: Originally Posted by petrosView Post

Recovery isn't growth.

Of course it is. Is a recession not a contraction? The American economy can't recover without growing. Derp.
 
petros
+2
#29
If you have one toe cut off and it partially grows back does that mean you have 6 toes?
 
Tonington
#30
Quote: Originally Posted by petrosView Post

If you have one toe cut off and it partially grows back does that mean you have 6 toes?

Ahh, so growing does not mean growth according to you...math challenged.
 

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