What is the spouse who stays home supposed to do in ten years when the child is much more independent and at school or activities much of the day? He or she has to either start a career or go to school and then face the ageism for entry level positions. And what are two spouses supposed to do when they both deeply enjoy their work and the value it brings them as individuals? My wife was home with the child for 5 months before getting back into the workforce and she complained frequently about the loss of identity.
The real problem and solution, as other posters have mentioned, is a strong support structure from friends and family. We live in a wonderful area of Colorado, but all of our family is on the east coast or in Germany and it just isn't going to happen that we move closer. So we struggle and get by, but having a parent stay home to be daycare full time wouldn't serve either of us.