One of the reasons soooo many mums get depresses as SAHMs is because there is so little 'community' in our society today. If a mother decides to stay at home, then she doesn't have that circle of relatives and friends around her, as would have been the case 100 years ago.
I remember when ds was a baby, taking him to walk around the city shopping mall 2 or 3 times a week, just to get out of the house in the winter. I hadn't attended ante-natal classes, so hadn't made new friends that way, my mum lived 100 miles away. Any other friends I had were also at work. Now women work as routine, so many grannies are now in full-time employment, whereas in previous generations they would have been around to give support to their daughter/daughter-in-law.
And I do agree that many families (not all) have 2 working parents so that they can have a dvd player, playstation2, holidays abroad, change the car every 3 years. Giving up one salary would leave them a long way ahead of the bailiff, but maybe behind the Jones's. Personally, I think my time with my son is more important than him having a PlayStation, and we didn't have a 'proper' holiday until he was 6.
A friend of mine had 3 children. She had a very high powered career, employed a nanny, worked 7 a.m. to 8 or 9 p.m. often. After maternity leave with her 3rd child she suddenly realised that she hadn't seen her children growing up. They have a beautiful house, very posh car, 2 or 3 holidays a year but ........
She has given up her career. O.K. her dh is well placed, and they won't starve by any means, but this lady (who hold a 1st from Oxford, and lived on the edge of many an exciting corporate crisis) now gets much more satisfaction from seeing her children growing up.