Skyrocketing inflation is increasing the burden on American parents to raise children, according to the Brookings Institution.
The Wall Street Journal published the left-wing institutions’ 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.
Per the Journal:
The multiyear total is up $26,011, or more than 9%, from a calculation based on the inflation rate two years ago, before rapid price increases hit the economy, the Brookings Institution said.
Contributing to the high cost of raising a child is soaring food prices, the analysis noted.
As Breitbart News recently reported, the Bureau of Labor Statistics Producer Price Index recently showed that consumer food prices are up by 13.1 percent from last month and up by a whopping 15.8 percent since last year.
The Brookings Institution used 2017 data from the U.S. Department of Agriculture and adjusted it for current inflation. Along with food prices, the analysis looked at how other expenses contributed to soaring child-raising costs, including housing, clothing, health care, and child care, among other expenses.
Families that wish to have children but are starting at a lower income may be the most affected by the rising costs, especially families earning between $20,000 to $30,000 per year, Isabel Sawhill, a senior fellow at the institution, noted to the Journal.
As Breitbart News has documented, inflation has increased significantly under President Joe Biden since the start of his presidency. The result of this has meant a higher cost of living for American families due to rising expenses in gas, food, and housing, among other items.
The overall consumer price index rose from 8.1 percent in July compared to last year, the U.S. Department of Labor analyzed. The rate was 9.1 percent in June.
Polling from the end of June has shown that rising inflation, gas prices, and the economy are the biggest concerns American families say they are facing. Of the respondents, a 33 percent plurality said inflation is their top concern.
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