Raising a child has been hard. The average cost of raising a child through high school is $310,605, according to a new estimate from the Brookings Institution.
The average cost for a married, middle income couple with two children, raising their younger child in 2015, is calculated.
Childrearing costs have increased by more than $70,000 over the last five years, putting the number at an intimidating $233,000.
Isabel Sawhill told the WSJ that a lot of people are going to think twice before having a child because of the cost.
The earlier USDA estimate was used as a baseline to account for expenses ranging from basic amenities like food, clothing, and housing, to the stuff needed for typical kid's activities, like sports equipment, and much, much more.
The main driver of the drastic cost increase is historically high inflation and that should come as no surprise to anyone that does their own grocery shopping or owns a car.
In June, the inflation rate peaked at 9.1 per cent, and then fell to 8.5 per cent in July. Sawhill thinks the inflation rate will come down thanks to the Fed stepping on the brakes. She doesn't know how hard the decline will be or how fast it will be.
Inflation has been higher than wages for a while now. When adjusted for inflation, the Bureau of Labor Statistics says average weekly wages have dropped 3.5 percent.
Raising a child shouldn't cost so much when parents are struggling to make ends meet.
The prices of gas and solar are going up.
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