Stubbornly high inflation is making it more difficult to raise a child in President Joe Biden’s (D) America, per LendingTree.
LendingTree Chief Credit Analyst Matt Schulz told Fox Business that prices for everything have continued to rise, adding, “There’s so much that goes into child care, including rent, payroll, insurance and much more. When all those costs shoot up, the overall cost of child care does, too,” the outlet reported Monday.
The article continued:
The cost of child care surged nearly 20% between 2016 and 2021, the latest year for which complete data is available, according to LendingTree. Annual expenses, excluding tax exemptions or credits, hit $21,681 in 2021, versus $18,167 in 2016, the data shows. That means the typical family is spending about $237,482 over the course of 18 years to raise a child — and that is excluding the cost of college.
The news comes as “expectations for inflation over the next five years have surged back to their highest levels of this economic cycle,” according to a Breitbart News article published on Monday.
Breitbart News’s John Carney noted that it raised “difficult questions about the credibility of the Federal Reserve’s campaign to tame consumer prices.”
In August 2022, rising inflation was bearing down on American parents trying to raise children, per analysis from the Brookings Institution, Breitbart News reported.
“The Wall Street Journal published the left-wing institution’s analysis that found it can cost up to over $310,605 to raise a child in today’s economy, which works out to an average of $18,271 per year to raise a child born after 2015,” the outlet said.
Inflation has also affected some of the smallest things Americans enjoy, such as ice cream, as illustrated in the story of New York City parents who were upset after having to pay $14 for a waffle cone from an ice cream truck.
“Over the past few years, ice cream truck owners have been forced to increase prices to deal with ongoing inflation,” the Breitbart News report stated.
According to the recent Fox article, the most expensive places to raise a child in the current economy are Massachusetts, Hawaii, Connecticut, Colorado, and New York, while the least expensive are Mississippi, Arkansas, Louisiana, Kentucky, and Alabama.
