High inflation, commonly called ‘Bidenflation,' continues to strain Americans' wallets, with a state-by-state inflation tracker showing that North Carolina households are facing a 13.9% inflation rate. | Official White House Photo/Adam Schultz
High inflation, commonly called ‘Bidenflation,' continues to strain Americans' wallets, with a state-by-state inflation tracker showing that North Carolina households are facing a 13.9% inflation rate. | Official White House Photo/Adam Schultz
The effects of inflation are far-reaching and go beyond such things as going to the grocery store or paying to heat your home. Longer term, parents can expect it to cost thousands more to raise a child.
"A married, middle-income couple with two children is likely to spend $310,605 — an average of $18,271 a year — to raise their youngest child born in 2015, per Brookings, which first shared the estimates to the Wall Street Journal," Axios said on Twitter.
That represents a 9% increase from what was estimated based on the inflation rate two years ago, the Journal says.
High inflation, commonly called ‘Bidenflation,' continues to strain Americans' wallets, with a state-by-state inflation tracker showing that North Carolina households are facing a 13.9% inflation rate. That translates to an additional monthly cost per household is $651, with the annualized cost per household coming in at $7,814, according to the U.S. Congress Joint Economic Committee's State Inflation Tracker for July 2022.
The child-rearing cost estimate has found that when compared to just two years ago, it will cost the average American family about $26,000 more to raise a child through high school.
On Aug. 10, the Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) data for the 12 months ending in July 2022. The data showed an 8.5% all items annual increase, down from 9.1% a month earlier, but still near 40-year highs. Some of the largest contributors were increases in the index for food, shelter, and electricity.
Inflation has been on a steady uphill climb over the past 18 months and has risen almost every month since President Joe Biden took office in January 2021, data indicate.
"This is Joe Biden's recession,” Republican National Committee Chairwoman Ronna McDaniel said in a Newsweek report. "Biden can lie and deflect blame all he wants, but that will not alleviate the pain Americans feel every time they fill up their gas tanks, go grocery shopping, check their retirement savings, or balance their budgets. Biden and Democrats are responsible for our shrinking economy, and they're only trying to make it worse.”
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