> the "Two Income Trap" identified by Elizabeth Warren

This is addressed here: https://www.peoplespolicyproject.org/2019/05/06/the-two-inco...

childcare is not usually a lifelong cost, so the advantage of working anyway is to develop a career that persists after children no longer need a full-time parent. And incomes usually go up over the course of a career, so if the income matches those costs when the parent goes to work, that is likely to change.

> the net real result is that the kids are raised by someone other than their parents

this is the genuine argument for staying home, but to counterpoint that, it still traps the homemaker with less work experience as a result, meaning they are potentially worse off in case of a divorce, though maybe that's an extension of the "welfare" argument i.e. divorce settlements.