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Title: The Fragile Middle Class: Americans in Debt by Teresa A. Sullivan, Elizabeth Warren, Jay Lawrence Westbrook ISBN: 0-300-09171-0 Publisher: Yale Univ Pr Pub. Date: 01 September, 2001 Format: Paperback Volumes: 1 List Price(USD): $25.00 |
Average Customer Rating: 4.6 (10 reviews)
Rating: 5
Summary: Could Happen To You, Could Happen To Me
Comment: This is not a "sky is falling" or alarmist book. It's not a negative gloom-and-doom book. It does focus on an unwanted event we consider negative, and it does occur in millions of peoples' lives. Da Big "B." It could happen to you, it could happen to me. Authors Sullivan, Warren, and Westbrook have decades of experience in the industry and provide one of the most detailed and accurate pictures of the people and circumstances within it.
In addition to statistics and research, tables, and graphs, the authors conducted detailed surveys of 2,452 people and provided case histories of folks that filed for bankruptcy in the 1990s. They come from all income and occupational levels, and from all geographical areas of the country. Just like you and me. It only takes a hiccup. Keep your eye out for the legislation that will be coming forward. Although it would be unpleasant, bankruptcy is not the end of the world, by any means. There are worse things that can happen in life.
The "Fragile Middle Class" has non-biased an informative information on....us. What is the reality behind the so-called middle class? While millions of individuals and families are members of this club, and we have a definition of what qualifies people as being part of it, what is the financial health of the American middle class today in 2003? Real income is still declining, even after the economic boom of the 1990s. (This was a pseudo economic boom). Personal debt is at record levels. If truthful accounting and honest financial disclosures are conducted, being middle class means living paycheck to paycheck, on the brink bankruptcy, due to even a minor financial hiccup: divorce, a staggering medical bill due to illness or accident, or loss of a job. The authors' introduce the new concept called "skidding," which is when a person changes jobs, which results in lower pay, and therefore less income coming in. And they discuss the record number of people who've recently gone bankrupt. This book is about those, who are most of us, that teeter on the edge.
First, debt is essential to living in our modern economy, and when used properly is good for us, and benefits the economy. We can't now, and have never been able to pay cash for our home, or a new or used car. When people invest in real estate or a business, they borrow capital. Having leverage is actually better. However, total Debt ratio is the largest it's ever been, combined with stagnant and declining wages. 2/3 of the American economy is dependent on consumer spending, completely dependent upon people spending their on money on--everything. One example, out of thousands, is the recent public "begging campaign" from politicians and high-profile business spin doctors in New York, imploring people to "come to New York and spend money," to revive the economy. When there is a slight dip in consumer confidence we hear about it from the media, because it's considered so vital to the U.S. economy.
This book uses historical as well as current notes, stats, and case studies, with the majority of the findings from the results from the decade of the 1990s. It is obvious that the tech-boom of the 90s was a temporary band aid that was applied to a long-term sociological and economic bullet wound. Financially, Americans are in some of the worse financial shape they've ever been in. Why is consumer debt at an all-time high? Why over one million bankruptcies per year? This book conducts research and analysis that paints the modern day picture from the perspective of people in the bankruptcy industry. And today, the bankruptcy numbers are so significant that the Federal government will soon pass legislation in an attempt to reduce the numbers of Americans filing. However the reduction in the number of filers means major changes need to be made by our societal and cultural expectations, financial institutions, and personal spending habits and behavior. Something that Congressional legislation can't do alone. There will be an impact, but it will be minimal. One could adopt my personal attitude, which is simply not to care.
Rating: 1
Summary: A Rehash
Comment: Rehashes their earlier book and reiterates the same tautology: too much debt causes bankruptcy.
Rating: 5
Summary: Owe my Soul
Comment: Excellent read if you wondering about the number of bankruptcies or have been puzzled about the decline in real wages over the last few decades. It may make you think twice about your own finances!
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Title: The Two-Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke by Elizabeth Warren, Amelia Warren Tyagi ISBN: 0465090826 Publisher: Basic Books Pub. Date: 02 September, 2003 List Price(USD): $26.00 |
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Title: Credit Card Nation: The Consequences of America's Addiction to Credit by Robert D. Manning ISBN: 0465043674 Publisher: Basic Books Pub. Date: 24 December, 2001 List Price(USD): $18.00 |
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Title: The Overspent American: Why We Want What We Don't Need by Juliet B. Schor ISBN: 0060977582 Publisher: Perennial Pub. Date: 01 May, 1999 List Price(USD): $13.00 |
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Title: As We Forgive Our Debtors: Bankruptcy and Consumer Credit in America by Teresa A. Sullivan, Elizabeth Warren, Jay Lawrence Westbrook ISBN: 1893122158 Publisher: Beard Group Pub. Date: June, 1999 List Price(USD): $34.95 |
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Title: Affluenza: The All-Consuming Epidemic by John De Graaf, David Wann, Thomas H. Naylor, David Horsey, Scott Simon, John de Graaf ISBN: 1576751996 Publisher: Berrett-Koehler Pub Pub. Date: August, 2002 List Price(USD): $17.95 |
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