According to the USDA’s estimates, the cost of raising a kid has topped out at $233,610. While that may make you inquire about a return policy (not your spouse’s favorite bit), research from the policy organization Demos found that this financial burden gets better. Your kid just needs to be taught a lesson.
The report, titled “The Parent Trap: The Economic Insecurity Of Families With Young Children” looked at 2 years of data pooled from the US Census Bureau’s Annual And Social And Economic Supplements survey. After researchers controlled for differences in age, race, education, and partnership status, they found having a kid younger than age 5 reduced 2-parent household incomes by 14 percent. Simply put, that’s where your beer money went.
The good news is that once kids are old enough to attend public school (or private if you didn’t feel that 14 percent), household income for 2-parent families goes about up about $29,000. This relief extends to single mothers as well, upping their income by $25,651 and decreasing the chances of being in poverty by 6 percent. Of course, this upside is somewhat dependent on public education being somewhat decent — and that’s an uphill both ways, without shoes, kind of battle.
“What it comes down to is a complete societal lack of support for families with young children,” Robert Hiltonsmith, one of the study’s authors, told The Wall Street Journal. And he’s not talking about nursing bras, people. Their policy recommendations are mostly about closing the gap between parents of school-age children and other parents. Don’t worry, you’ll still have plenty to look forward to. Even if it’s not a trail of cash behind them on their first day of school.
[H/T] The Wall Street Journal