Financial Crisis in American Households: The Basic Expenses That Bankrupt the Middle Class
More than one-third of Americans could not sustain a basic livelihood without government assistance. Almost 60 percent of seniors are dependent on the government. Why is this? This book examines how the U.S. economy's failure to deliver high-quality, universally accessible basic necessities is creating acute financial insecurity among the American middle class.

Over the past 30 years, America's middle class has grown more financially insecure. How much of this pressing problem is due to Americans' failure to restrain their spending versus their upwards spiraling—and increasingly necessary—expenditures on health care, education, and housing? And how can Americans choose between financial security and paying for essentials on a day-to-day basis? This book answers these tough questions and many more in its evaluation of a complex and contentious issue: how basic expenses of life in the 21st century are bankrupting American families.

The book begins with a snapshot of U.S. household finances, an assessment of financial insecurity's prevalence across the nation, and a description of how American households have declined into their present precarious economic situation over the last three decades. The author's analysis then looks at how European countries pursue policies that make these essentials highly accessible and postulates that the socialization of these essentials in other countries has helped to solidify household finances and maintain living standards. The work uniquely focuses on the plight of the middle class in America to provide relevant, useful information to help as many readers as possible to better understand and improve their own financial situations.

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Financial Crisis in American Households: The Basic Expenses That Bankrupt the Middle Class
More than one-third of Americans could not sustain a basic livelihood without government assistance. Almost 60 percent of seniors are dependent on the government. Why is this? This book examines how the U.S. economy's failure to deliver high-quality, universally accessible basic necessities is creating acute financial insecurity among the American middle class.

Over the past 30 years, America's middle class has grown more financially insecure. How much of this pressing problem is due to Americans' failure to restrain their spending versus their upwards spiraling—and increasingly necessary—expenditures on health care, education, and housing? And how can Americans choose between financial security and paying for essentials on a day-to-day basis? This book answers these tough questions and many more in its evaluation of a complex and contentious issue: how basic expenses of life in the 21st century are bankrupting American families.

The book begins with a snapshot of U.S. household finances, an assessment of financial insecurity's prevalence across the nation, and a description of how American households have declined into their present precarious economic situation over the last three decades. The author's analysis then looks at how European countries pursue policies that make these essentials highly accessible and postulates that the socialization of these essentials in other countries has helped to solidify household finances and maintain living standards. The work uniquely focuses on the plight of the middle class in America to provide relevant, useful information to help as many readers as possible to better understand and improve their own financial situations.

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Financial Crisis in American Households: The Basic Expenses That Bankrupt the Middle Class

Financial Crisis in American Households: The Basic Expenses That Bankrupt the Middle Class

by Joseph Nathan Cohen
Financial Crisis in American Households: The Basic Expenses That Bankrupt the Middle Class

Financial Crisis in American Households: The Basic Expenses That Bankrupt the Middle Class

by Joseph Nathan Cohen

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Overview

More than one-third of Americans could not sustain a basic livelihood without government assistance. Almost 60 percent of seniors are dependent on the government. Why is this? This book examines how the U.S. economy's failure to deliver high-quality, universally accessible basic necessities is creating acute financial insecurity among the American middle class.

Over the past 30 years, America's middle class has grown more financially insecure. How much of this pressing problem is due to Americans' failure to restrain their spending versus their upwards spiraling—and increasingly necessary—expenditures on health care, education, and housing? And how can Americans choose between financial security and paying for essentials on a day-to-day basis? This book answers these tough questions and many more in its evaluation of a complex and contentious issue: how basic expenses of life in the 21st century are bankrupting American families.

The book begins with a snapshot of U.S. household finances, an assessment of financial insecurity's prevalence across the nation, and a description of how American households have declined into their present precarious economic situation over the last three decades. The author's analysis then looks at how European countries pursue policies that make these essentials highly accessible and postulates that the socialization of these essentials in other countries has helped to solidify household finances and maintain living standards. The work uniquely focuses on the plight of the middle class in America to provide relevant, useful information to help as many readers as possible to better understand and improve their own financial situations.


Product Details

ISBN-13: 9781440832215
Publisher: Bloomsbury Academic
Publication date: 04/24/2017
Pages: 224
Product dimensions: 6.14(w) x 9.21(h) x 0.56(d)

About the Author

Joseph Nathan Cohen, PhD, is assistant professor of sociology at the City University of New York, Queens College.

Table of Contents

Acknowledgments ix

Chapter 1 Household Financial Crisis in the United States 1

Chapter 2 A Snapshot of U.S. Household Finances 23

Chapter 3 Financial Insecurity 53

Chapter 4 The Big Picture 77

Chapter 5 Runaway Spending 97

Chapter 6 Necessary "Necessities"? 119

Chapter 7 A Look Abroad 141

Chapter 8 The Choice 171

Notes 181

Index 205

About the Author 213

What People are Saying About This

Helaine Olen

"In this much-needed and timely book, Joseph Nathan Cohen reveals the reality of American life, a place where obtaining necessities like healthcare, housing, and a good education puts our finances in peril. Yet instead of buttressing our social safety net, we've pulled back, castigating individuals for overspending when, in many cases, it's forces beyond their control that are leading to their money woes. If you want to understand why so many people feel no one in a position of power is listening to them or offering them help, reading Financial Crisis in American Households is a necessity."

Miguel Angel Centeno


"This is a very important book. Using data broadly and deeply, Cohen provides an outstanding snapshot of the living conditions of Americans. The squeeze on incomes and the rising costs of access to health and education have made Americans effectively poorer over the past 30 years. If you're wondering where all the rage is coming from, this book will tell you. This is a book that should be read by every person in Congress."

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