Persistently high inflation is making raising a child more difficult in President Joe Biden’s America, according to LendingTree.
Matt Schultz, chief credit analyst at LendingTree, told Fox Business that prices across the board continue to rise, adding, “There are a lot of costs associated with child care — rent, payroll, insurance — and when those costs skyrocket, the overall cost of child care goes up.” report Monday.
The article continues:
According to Lending Tree, the cost of child care rose nearly 20% between 2016 and 2021 (the most recent year for which complete data is available). The data shows that the annual cost, excluding tax credits and tax credits, reached $21,681 in 2021, compared to $18,167 in 2016. That means the typical family will spend about $237,482 to raise a child over an 18-year period — and that doesn’t even include the cost of college.
According to a Breitbart News article published on Monday, the news comes as “inflation expectations over the next five years have soared to their highest levels this economic cycle.”
Breitbart News’ John Carney noted that this “raises difficult questions about the credibility of the Fed’s efforts to control consumer prices.”
Rising inflation weighed heavily on American parents struggling to raise children in August 2022, according to an analysis by the Brookings Institution, Breitbart News reported.
” The Wall Street Journal Published “An analysis by a left-leaning organization found that it could cost more than $310,605 to raise a child in today’s economy, and that raising a child born after 2015 would cost an average of $18,271 a year,” the outlet reported.
Inflation is even affecting the little things Americans enjoy, like ice cream, as seen in the case of New York City parents who were upset after being forced to buy waffle cones from an ice cream truck for $14 each.
“Over the past few years, ice cream truck owners have been forced to raise prices to combat ongoing inflation,” the Breitbart News report states.
According to a recent Fox article, the most expensive places to raise a child in the current economy are Massachusetts, Hawaii, Connecticut, Colorado and New York, and the least expensive are Mississippi, Arkansas, Louisiana, Kentucky and Alabama.
