Amid record-high inflation sweeping the country, the cost of raising a child has reached new heights. | Unsplash
Amid record-high inflation sweeping the country, the cost of raising a child has reached new heights. | Unsplash
Amid record-high inflation sweeping the country, the expense of raising a child has reached new heights. What is commonly called "Bideninflation" costs families $26,000 more per child.
A Brookings Institution estimate put that hefty increase on the current cost of raising a child through high school compared to the cost based on inflation two years ago, Axios' Erin Doherty reported last week.
"A married, middle-income couple with two children is likely to spend $310,605 — an average of $18,271 a year — to raise their youngest child born in 2015, per Brookings, which first shared the estimates to The Wall Street Journal," Axios wrote in a tweet.
According to Brookings' report, which was covered in The Wall Street Journal, a middle-income married couple with two children is likely to spend around $310,605 — an average of $18,271 a year — to raise their youngest child, born in the year 2015, through age 17. This is a 9% increase from what was estimated based on the inflation rate two years ago.
Inflation has been on a steady incline over the past 18 months and has risen almost every month since January 2021.
On Aug. 10, the Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) data for the 12 months ending July 2022. The data showed an 8.5% all items annual increase, which represents a 0.6% drop from last month. Some of the largest contributors were increases in the index for food, shelter and electricity.
According to the United States Congress Joint Economic Committee's State Inflation Tracker for July 2022, Georgia is facing a 13.9% inflation rate. The state's additional monthly cost per household is $688 and the annualized cost per household is $8,258.
"This is Joe Biden's recession. Biden can lie and deflect blame all he wants, but that will not alleviate the pain Americans feel every time they fill up their gas tanks, go grocery shopping, check their retirement savings or balance their budgets. Biden and Democrats are responsible for our shrinking economy, and they're only trying to make it worse," Republican National Committee Chairwoman Ronna McDaniel (R-Michigan) said in Newsweek.
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