Three out of five children are living in families that lack resources to thrive
What does it really cost live inthe U.S.?
More than 80% of families fellbehind a threshold for what it actuallycosts to be economically secure in the U.S. in 2022, according to a report from the Urban Institute, a nonprofit research group which reviewed more data than typical poverty measures do.
The Urban Institute's "true cost of economic security" model aims to set a bar for what it actuallycosts to be economically secure in the U.S., taking into account food, clothing, housing, health care, child care, transportation, postsecondary education, debt service, savings for unexpected expenses and retirement, and other miscellaneous costs.
The model's analysis of how individuals and families are faring accounts for earnings, tax credits, all types of regularly received unearned income, such as cash transfers and the value of in-kind transfers and subsidies.
Three out of five children live in families with resources below the model.
For adults, 49% of those aged 18 and 64 fellbehind versus47% of adults aged 65 and over.
In metro areas, the chance for an individual falling behind wasslightly lower at 51% compared to 54% for nonmetro areas.
There wasalso a disparity among ethnicities: 42% for white, 46% for Asians and Pacific Islanders, 67% for Black people and71% for hispanic people.
Why are so many Americans lacking the resources to be econmically secure?
Income is big reason peopleare lacking the means to be economically secure.
Broadly, income inequality has risen and there has been slow growth in median family income over the past few decades, the Urban Institute said.
Changes in government policy, such as expanding access to health insurance and subsidies, will influence the ability for people to thrive, the Urban Institute said.
"Policymakers, advocates, and the public must make choices on a range of policies affecting taxes, earnings, employment conditions, education, health care, and social insurance and public assistance programs that will all affect peoples economic security and ability to thrive," the Urban Institute said.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-11-26 00:03:46
