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More than half of U.S. households can't afford to pay their monthly bills and don't have enough money left over for savings, according to a new measure of the U.S. cost of living.
A recent report from the Urban Institute introduced a new measure called the True Line of Economic Security (TCES), which takes into account the comprehensive set of costs that modern families face along with the resources available to them. People in the United States are economically unstable and unable to prosper.
More than half of American households don't have the means to pay their monthly expenses and have plenty of money left over to save, a new study finds.
The study found that three in five children live in households with resources below the TCES line, compared to 49% of adults aged 18 to 64 and 46% of those aged 65 and over.
The majority of single-parent families fall below the TCES line, with half of all people living with two adults (under 65) and two children lacking the means to cover expenses, study finds It became.
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This study was commissioned by the National True Cost of Living Coalition, which accurately measures how much it costs individuals and families to live in America today and It was established this year by anti-poverty agencies concerned that they could not govern accordingly. They claim that TCES is more accurate than traditional measurements used by governments.
In recent years, inflation has taken a toll on Americans' budgets. The new cost of living index aims to capture the true cost of living in the United States and how households are living. (Photo by Spencer Pratt/Getty Images/Getty Images)
“Even though the economy is improving, too many Americans continue to struggle to plan beyond their next paycheck,” the coalition said in a press release. “It is a disconnect that is brought into stark relief by: this month's electionVoters expressed widespread dissatisfaction with the fiscal situation, even as traditional economic indicators suggested progress. ”
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The group argues that traditional measures of economic need, such as the federal government's Official Poverty Measures (OPM), focus solely on survival and poverty, and reflect the costs it takes for families to cover their most basic needs. , they argue, fail to distinguish between the costs incurred by families to cover their most basic needs. Make sure you save enough for your future, whether it's to start a family, buy a home, cover tuition, or pay for emergency expenses.
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“This is not a new problem,” says David Jones, CEO of the Community Services Society of New York and co-chair of the National True Cost of Living Coalition.
“Low-income and increasingly middle-class Americans have been suffering economically for decades, but without adequate measures to account for this, some segments of the population and their plight remain largely invisible. “It remains empty,” he said. “What's new and historic is our ability to accurately measure the scale of these challenges.”
More Americans are living paycheck to paycheck than five years ago, according to Bank of America data.
According to the developer, TCES provides a complete picture of a family's finances by considering both costs and available resources.
”Using this indicator, you can see how many people are economically disadvantaged and how this varies by different demographic groups and people living in different locations. can. [and] We want them to understand why they're having a hard time,” Gregory Ax, associate director of income and benefits policy at the Urban Institute, said in a presentation on the study last week.
A new measure of the cost of living in the United States finds that the majority of Americans are not growing up. (license/image)
“Are there certain costs that are prohibitive for particular families in particular locations? To what extent is the issue not so much the cost but the resources?” he asked rhetorically.
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“Having some understanding of who is struggling and why would help policymakers at the federal, state and local levels.” [to] Identify policies, programs, and practices that can support and empower families to meet the true costs of financial security. ”
