As somebody who unfortunately had to work for 15 hours on both Saturday and Sunday this past weekend after my wife and kids has just come back into town after a two week vacation without me, I am probably somewhat qualified to talk about this issue.
I think if a lot of guys cut back their work hours they would just spend time getting into trouble and goofing around rather than spending more time with their family. Also, having one parent who works 60-70 hours per week with the other parent home all of the time is better than having both parents work 40+ hours per week with a nanny raising the kids. That's not a particularly good argument, I know, but those are my thoughts.
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