Is Capitalism Delivering the Goods? Warren's "Two Income Trap"

Note different time!  We'll be meeting at 6:00pm!

This reading is required for the event.  We find this improves the quality of the meeting by giving people some factual basis to discuss.

Most of the reading this month is a 53 minute video about a book, "The Two-Income Trap", by former Harvard professor and now senator from Massachusetts, Elizabeth Warren.

I feel this video is useful because it's discussing the question: "Is our capitalism, such as it is, delivering the goods?  How are most people doing?".

The book was written 10 years ago, and it contrasts the financial state of the median 2 parent, 2 child family in 2003 versus the state of the median 2 parent, 2 child family in 1973.  This is worth talking about now, because most economic discussion at the current time is completely overshadowed by the fact that we experienced a market catastrophe a few years ago and are still in recession.  But we weren't in a recession in 2003, and a lot of the statistics give us a handle on how things have been going over the past several decades.

Warren doesn't really offer any solutions in this video, but she has a very strong message she's trying to sell.  In her world, the system is badly broken, and the individuals who are having a hard time are responsible for nothing, least of all their own actions.  But a lot of detailed statistics come to light, and when examined closely they don't tell quite the story she wants them to.

It's a Youtube video, and many charts are shown, all of which are blurry and in most of which the axes are unreadable.  A lot of the figures she gave were very interesting, so I bought the book and extracted a lot of the statistics from it and put them in a table.

Watch the video and view the table here.

 

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  • Judi

    Thanks for providing the link; will do my best to watch in its entirety! I do sort of wish we were meeting earlier. C u there!

    July 6, 2013

  • Scott S.

    upstate at an annual festival

    June 18, 2013

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