The cost of rasing two children has shot up by $26,000 in Michigan due to inflation. | Pixabay
The cost of rasing two children has shot up by $26,000 in Michigan due to inflation. | Pixabay
The cost of raising a child has jumped monumentally, according to a recent report that highlighted child care costs amidst mounting inflation.
A Brookings Institution estimate has found the current cost of raising a child through high school is $26,000 more than it was two years ago, Axios' Erin Doherty reported last week
"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 tweeted on Aug. 19. This is a 9% increase from what was estimated based on the inflation rate two years ago.
According to the U.S. Congress Joint Economic Committee's State Inflation Tracker for July 2022, Michigan is facing a 14.1% inflation rate. The state's additional monthly cost per household is $710, and the annualized cost per household is $8,516.
On Aug. 10, the U.S. Bureau of Labor Statistics (BLS) released the consumer price index (CPI) data for the 12 months ending July 2022. The data showed an 8.5% all-items annual increase, which represents a 0.6% drop from last month. Some of the largest contributors were increases in the index for food, housing and electricity.
Inflation has been on a steady rise over the past 18 months and has risen almost every month since President Joe Biden took office in January 2021, according to Statista.
Some critics have even gone as far as to call the soaring price of goods “Bidenflation.”
"This is Joe Biden's recession," Republican National Committee Chairwoman Ronna McDaniel told Newsweek. "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."
Alerts Sign-up