Reddit reviews The Two-Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke
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>I think you'd be hard pressed to say that the median US household is worse off today than they were in 1974
That depends on how you define "median" and "household".
If you do it by demographic groups, then the post-boomer generations are only equivalent on a real-income scale with a 1974 household when they have BOTH spouses working full-time. (Whereas the earlier households were single income.)
Cf E. Warren's book "The Two Income Trap" and/or her lecture on the subject (content starts at 5:00 mark) where she gives an overview of her detailed analysis of the trends.