Elizabeth Warren once advised women not to have children
In a book she wrote with her daughter back in 2003, presidential hopeful Elizabeth Warren offers a bit of blunt advice for women. This is for women to not have children and if they divorce, they should remarry as soon as possible.
The senator for Massachusetts and Democratic party's 2020 presidential candidate shares this recommendation in the book "The Two-Income Trap: Why Middle-Class Parents Are (Still) Going Broke". This book, which she co-wrote with Amelia Warren Tyagi, lays out the case on how double-income couples started what they've termed as "a bidding war" in the middle class that not only raised the cost of living but also causing working families to commit both their salaries, for an instance, to paying off a mortgage on a house in a good school district rather than saving such money in case of emergency.
The book is based on Warren's extensive bankruptcy research and her daughter's, a businesswoman, management consulting experience wherein they cite data that indicates having a child is "the single best predictor that a woman will end up in financial collapse". They also wrote that divorced mothers are three times more likely to file for bankruptcy, more than that of a single woman who never had children.
In a certain chapter, they stated that some women found an effective way to avoid the Two-Income Trap. This way, which does not involve loading up on insurance policies, conducting a financial fire drill and requiring to keep a spouse at home full time, unlike the other solutions that were laid out, this way is cost-free and highly effective. This solution is to not have any children.
While they have acknowledged that childlessness may not be a calculated decision, they pointed out its lifelong benefits. This includes how it adds up to the likelihood of a comfortable retirement.
In an act of defiance against most social norms of suggesting that children are "economic assets", the pair wrote that the key difference of these children shaping the future, such acts will benefit the society, not parents in specific.
While this decision will most likely run counter to financial interests, they argue that "If you feel called to be a parent, we hope you will follow your heart. Yes, you may lose your home and may go bankrupt. We hope the jobs will outweigh the financial pain. Besides, what other advice would you expect from two working mothers who believe in the great American middle class and who pray for its strong future."
They've also dedicated a chapter for divorced mothers. They've asserted that despite receiving better educations, job training, legal support, and paychecks, their demographics are much less financially secure than it was a quarter-century ago. This is because of the difficulty to compete in a two-income world.
They wrote that some women take an alternate path in order to survive such economic blows by remarrying. While they know that marriage, and even that of a second marriage, is supposed to be about chemistry and companionship, receiving a foreclosure notice will make women rethink on what they need from their relationship, which includes financial stability.
They continue "Even now, a generation after the Women's Revolution, the surest way for a woman to regain her financial footing after a divorce is to find a husband-and do it quickly." In what they believe is a world of economic hurt, a guy with half a job is suitable.
Warren's interest in bankruptcy law comes from her experience as a Harvard Law School professor. This led her to be added in the National Bankruptcy Review Commission back in 1995. She also, as a Wall Street critic, would go on in assessing the federal bank bailout as a chair for the Congressional Oversight Panel in 2008. Later, her acts became crucial in creating the Consumer Financial Bureau, which took place in 2010. This was before she entered the world of politics.
The mother and daughter combo made a second volume titled "The Two-Income Trap with All Your Worth: The Ultimate Lifetime Money Plan" back in 2005. It is a New York Times Bestseller. Warren continues to make her campaign all over America for the 2020 elections.