<p>Elizabeth Warren is a Harvard law professor who has been studying the collapse of the middle class in the United States. She says the financial difficulties experienced by many families today are not because of extravagant spending, but are instead the result of dramatically rising fixed expenses. </p>
<p>She compared the median US family of 1970 to a family in 2003. Her findings include the following:</p>
<p>–Americans are spending less inflation-adjusted dollars today on food and clothing than they did in 1970.</p>
<p>–Housing costs have increased 76% since 1970.</p>
<p>–Heath insurance costs have increased 74% since 1970.</p>
<p>–Taxes have increased sharply.</p>
<p>Ms. Warren found that these fixed expenses cost a median family three-fourths of a two-earner income, leaving little to no financial cushion in times of crisis.</p>
<p>[America’s</a> middle-class collapse - Pittsburgh Tribune-Review](<a href=“http://www.pittsburghlive.com/x/pittsburghtrib/opinion/columnists/guests/s_576040.html]America’s”>http://www.pittsburghlive.com/x/pittsburghtrib/opinion/columnists/guests/s_576040.html)</p>
<p>(Ms. Warren conducted her research in 2003–well before energy and food costs skyrocketed.)</p>