Aug 26, 2014

The Back to School Price Tag

With the economy still stuck in the mud and costs continuing to rise, it’s getting harder and harder to raise children. With kids starting to go back to school, the cost of education is on everybody’s mind.

According to the Department of Agriculture, a middle-income family can now expect to pay over $245,000 to raise a child born in 2013. We all know that the cost of college has been skyrocketing in recent years, but even costs for early childhood education and care have increased by over $1,000 per year in the last decade. Meanwhile, wages for hardworking Americans have stagnated.

A robust recovery that unleashes rather than inhibits economic growth would help every American by lowering unemployment and increasing salaries. But to help specifically with the costs of raising children, the House passed the Child Tax Credit Improvement Act to index the child tax credit to inflation, ensuring that families keep more of their hard-earned money to raise the next generation.

Children are a blessing, and raising a family should never break the bank.