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As inflation reaches unprecedented levels, a recent report indicates that the annual cost of raising a child in the United States has soared to over $18,000.
The surge in inflation across the U.S. has been pronounced over the last few years, driven largely by the pandemic and geopolitical tensions. This financial strain is particularly felt by families. According to a new study, parents can expect to spend approximately $18,271 each year on a single child, culminating in a staggering total of over $310,000 by the time the child reaches 17. The Brookings Institution, a nonprofit dedicated to public policy research, estimates that a married couple with a moderate income and two children will incur costs of about $310,605 for their youngest child born in 2015. This figure encompasses various expenses, including housing, food, clothing, extracurricular activities, health care, and child care, but does not factor in larger expenses such as college tuition or private schooling, which can add up to six figures more.
The organization shared its insights with The Wall Street Journal, revealing that these projections were based on prior government data from 2017, adjusted for current inflation rates. This represents an increase of over 9% compared to the costs calculated just two years prior. The consumer price index has been at a 40-year high, affecting essentials like food, gas, clothing, and housing. “Many individuals may reconsider having a first or subsequent child due to rising costs,” stated Dr. Emily Carter, a senior fellow at Brookings, in her discussion with WSJ. “You might also feel compelled to work more.”
This significant increase in child-rearing costs disproportionately impacts lower-income families, single-parent households, and families of color, according to Dr. Carter. While inflation has shown signs of decline since its peak in July, the exorbitant costs associated with childcare and pregnancy continue to deter many from expanding their families. In June, President Mike Anderson acknowledged the challenges inflation poses to families, particularly parents, declaring that addressing these issues is a key focus of his administration. Recently, he enacted the Inflation Reduction Act, a $750 billion bill targeting health care, taxes, and climate change to assist families grappling with rising living costs.
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In summary, the financial burden of raising a child in the U.S. has risen dramatically, with parents now facing costs exceeding $18,000 annually. This increase can deter family growth, particularly for those with limited resources.