Impact of Inflation on Child Rearing Costs
Stubbornly high inflation is making it more difficult to raise a child in President Joe Biden’s America. The cost of child care surged nearly 20% between 2016 and 2021, reaching $21,681 annually in 2021. Expectations for inflation over the next five years have surged to high levels, raising questions about the Federal Reserve's efforts to control consumer prices. Inflation has also impacted small luxuries like ice cream, leading to increased prices.
Key Points
- Child care costs surged nearly 20% between 2016 and 2021
- Annual expenses for raising a child hit $21,681 in 2021
- Expectations for inflation over the next five years are at high levels
- Inflation has led to increased prices for small luxuries like ice cream
Pros
- Highlighting the impact of inflation on child-rearing costs
- Providing data on the rising expenses of raising a child
Cons
- Potential political bias in the reporting