http://news.yahoo.com/s/nm/20080324/lf_nm_life/usa_children_dc;_ylt=AiJNcLyh2nx.XhZEcE3.MusDW7oF
And, according to this article, that is BEFORE college expenses. Now, I readily acknowledge being a DINK, but I didn't post this story to gloat. Rather, it is to point out a likely reason why so many middle class families were living at the edge of their financial means through no fault of their own even before the recent run up of food and energy costs.
Despite this obvious reality, as recently as last October so-called "financial analysts" were saying that rising gas prices weren't a big concern for the average consumer and therefore wouldn't affect the overall economy.
How can I get a job where I can be so blatantly, stupidly wrong and still be employed?
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2 comments:
I have to question the premise of this story. The monthly average, then (quickly does the math, boy I'm smart) is about $1000. I find this hard to believe.
You can't calculate a full share of housing or food for the kid since you have buy that stuff anyways. The incremental amount for each kid would be smaller.
But assuming it is even for every family member and assuming you pay roughly 20% in taxes, an average family of four (Bill's computer like brain crunches the numbers) would need about $60k/year. According to the US census bureau, the average in 2006 was ~48k/year.
Doesn't smell right.
No matter how you slice it, these are sobering numbers in an era when working Americans have, at best, seen their wages stagnate.
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