[长难句突破]

For much of the past year, President Bush campaigned to move Social Security to a savings-account model, with retirees trading much or all of their guaranteed payments for payments depending on investment returns.

主体句式：President Bush campaigned to...

结构分析：本句主要讲述的就是布什总统提出的新政策，因此"campaigned to"后面就是这个政策的内容，而with引导的壮语则是对前面model的具体说明，其中"trade ... for ..."表示把前者转变成后者。

Both the absolute cost of healthcare and the share of it borne by families have risen -- and newly fashionable health-savings plans are spreading from legislative halls to Wal-Mart workers, with much higher deductibles and a large new dose of investment risk for families' future healthcare.

主体句式：Both the absolute cost of healthcare and the share of it borne by families have risen and newly fashionable health-savings plans are spreading...

结构分析：本句第一行的破折号有一定的迷惑作用，但这个破折号起到的不是解释说明的作用，而是与破折号前面的句子为并列结构，由and连接。

[全文译文]

During the past generation, the American middle-class family that once could count on hard work and fair play to keep itself financially secure has been transformed by economic risk and new realities. Now a pink slip, a bad diagnosis, or a disappearing spouse can reduce a family from solidly middle class to newly poor in a few months.

In just one generation, millions of mothers have gone to work, transforming basic family economics. Scholars, policymakers, and critics of all stripes have debated the social implications of these changes, but few have looked at the side effect: family risk has risen as well. Today's families have budgeted to the limits of their new two-paycheck status. As a result, they have lost the parachute they once had in times of financial setback -- a back-up earner (usually Mom) who could go into the workforce if the primary earner got laid off or fell sick. This "added-worker effect" could support the safety net offered by unemployment insurance or disability insurance to help families weather bad times. But today, a disruption to family fortunes can no longer be made up with extra income from an otherwise-stay-at-home partner.

During the same period, families have been asked to absorb much more risk in their retirement income. Steelworkers, airline employees, and now those in the auto industry are joining millions of families who must worry about interest-rates, stock market fluctuation, and the harsh reality that they may outlive their retirement money. For much of the past year, President Bush campaigned to move Social Security to a savings-account model, with retirees trading much or all of their guaranteed payments for payments depending on investment returns. For younger families, the picture is not any better. Both the absolute cost of healthcare and the share of it borne by families have risen -- and newly fashionable health-savings plans are spreading from legislative halls to Wal-Mart workers, with much higher deductibles and a large new dose of investment risk for families' future healthcare. Even demographics are working against the middle class family, as the odds of having a weak elderly parent -- and all the attendant need for physical and financial assistance -- have jumped eightfold in just one generation.

From the middle-class family perspective, much of this, understandably, looks far less like an opportunity to exercise more financial responsibility, and a good deal more like a frightening acceleration of the wholesale shift of financial risk onto their already overburdened shoulders. The financial fallout has begun, and the political fallout may not be far behind.

在过去的十几年里，美国那些曾经可以依靠辛勤劳动和公平条件以保证经济安全的中产阶层家庭，已经由于经济风险和新现实而发生了变化。如今，一份解雇通知书、一纸重病诊断书或者配偶的去世都可能在几个月之内从一个收入殷实的中产阶层家庭跌为一个新贫民阶层。

在仅仅一代人的时间里，数百万母亲出去工作，改变了基本的家庭经济状况。学者、决策者以及各类批评人士对这些变化的社会意义争论不休，但是，很少有人关注这些变化的副作用：家庭的风险也增加了。如今的家庭根据双份收入限度安排开支。因此，它们失去了在经济萧条时期曾经有过的缓解举措--一个后备挣钱者（通常是母亲），她可以在家庭的主要挣钱者失业或者病倒的时候出去工作。这种"额外工人效应"可以支持由失业保险或残疾保险提供的安全网，以便帮助家庭渡过难关。但现如今，家庭财产的损失再也不可能通过呆在家里的配偶的额外收入来弥补了。

在同一时期，家庭在退休收入方面也承担了更多风险。钢铁厂工人、航空公司职员以及汽车产业工人等都加入了数百万不得不担心利率、股市波动以及退休金可能不够养老等残酷现实的家庭。在去年的大部分时间里，布什总统一直致力于将社会保险体制转变成一种储蓄存款账户模式，要求退休人员将其大多数或所有保障金变成基于投资回报所得的报酬。对于更年轻的家庭来说，前景不容乐观。卫生保健的绝对成本和家庭承担份额都上涨了--而且，最近实施的健康储蓄计划正在从立法机关扩展到沃尔玛员工，家庭将来的医疗保健都有更高的扣除成分和很大的风险投资。甚至人口统计状况也对中产阶层家庭不利，因为有一个体弱、年迈的父母--他们在身体和经济方面都需要照顾--就在仅仅一代人的时间里增长了8倍。

从中产阶层家庭的角度来看，可以理解的是，这种现象似乎并非履行更多的经济责任的机会，而更像是财务风险以惊人的速度压向他们本来就已不堪重负的肩膀。经济副作用已经开始了，政治副作用可能也不远了。