Owen Gregorian

But I do understand what you're saying.

I think I often bring up the idea that

that ironically Elizabeth Warren wrote a book about, which is entitled The Two-Income Trap, I think.

And I still can't believe she wrote this book, but she did.

And it talks about how women were essentially tricked into going into the workforce and ended up much less financially secure as a result of it by entering the workforce.

Because if you compare how it was back in, let's say, the 50s,

where most women stayed home and raised their kids primarily and their husbands was the provider and the breadwinner and would be the only income in the family, then that's what determined where they lived, where they could go to school for their kids and how much they could spend on a house, right?

But now that we've evolved to having these two income households, where did all that money go from that extra income?

It didn't go into the bank.

They didn't save it.

They spent it on a better home for their kids in a better neighborhood.

And so what really happened was we bid up all the real estate prices higher in these good neighborhoods.

And so you ate up essentially all that extra money.

And what that means is now if the husband loses his job temporarily, back in the 50s, what that meant was maybe that wife could do some extra job on the side, like be a secretary or do some other...

job on the side to fill in until her husband could go back to work.

Like you had that extra person available to potentially chip in as a sort of an insurance policy, but it wasn't part of their normal budget.

But now you have the budget is based on both incomes.

And if either one of them loses their job, there's no one to fill in, right?

You just have to hope that that person gets another job quickly.

And so the point they make is that this, you know, it made everybody worse off.