Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Ilaine who wrote (45307)	2/1/2004 11:05:52 PM
From: elmatador	Read Replies (1) of 74559

<<The US has a large middle class from which they can take money sending them down the strata as noveaux poor.>> Message 19736024 The process is on going: <<More than 90 percent of those in bankruptcy would qualify as middle-class. If these trends continue, the authors contend, more than 5 million families with children will file for bankruptcy by the end of this decade. "That would mean that across the country nearly one of every seven families with children would have declared itself flat broke, losers in the great American economic game," Warren and Tyagi write.>> But contrary to popular belief, middle-income families aren't squandering their second incomes on luxuries. They are financially fragile because so much of their two incomes is devoted to mortgages for homes bought in a shrinking number of desirable school districts. The rest of their money is being used to cover health insurance and preschool and college tuitions, and to pay the loan on a second car. The sad truth is that the modern two-income family earns 75 percent more income than the one-income family of a generation ago but has less discretionary income.>>

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