November 1, 2007
The over-consumption story dominates every discussion of the financial condition of America’s families, but when all the changes in family spending over the past generation are added up, a very different picture emerges. Families are spending less on luxuries and more on the basics of being middle-class. Even with two people in the work force, today’s families trail those of a generation ago in the struggle to make ends meet—to pay for their homes, health insurance, transportation, and child care.
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