This route has been taken by books from academics, like Jacob Hacker at Yale, and also by social critics like Barbara Ehrenreich. Hacker's latest book argues that the top of the economic food chain is shifting all the risk onto the lower rungs of the latter, screwing the middle and lower classes. Ehrenreich is probably most well known for Nickled and Dimed, in which she takes a few bottom of the food chain jobs and then tries to get by (rather unsuccessfully). The income volatility aspect is considered particularly serious, as they write of hordes of Americans struggling to get by, with little to no safety net...so that when they experience a sharp dip in income, they have nothing to cushion the blow (leading to all sorts of bad physical and mental end states).
The interesting bit: the CBO is reporting findings that income volatility has apparently been relatively constant since the early 1980s:
...CBO has now examined the volatility of household income (rather than workers’ earnings volatility, the subject of our study in 2007). The preliminary results suggest that household income is much less volatile than individual worker’s earnings, and that household income volatility has not increased over time — and perhaps even declined slightly. Some other recent studies relying on other data sources have suggested increases in household and family income volatility, but various problems in the surveys used in those studies may be contaminating those results.