The gap between what Americans earn and how much they need to bring in to achieve a basic standard of living is growing, according to a new report. Via CBS News:
The analysis, from the Ludwig Institute for Shared Economic Prosperity (LISEP), looks beyond whether people can afford daily necessities like food and shelter to consider whether they have the means to pay for things like the technology tools necessary for work, higher education, and health and child care costs.
In tracking costs associated with what the group calls a “basket of American dream essentials,” LISEP says its Minimal Quality of Life index provides a truer picture of how Americans are faring than standard economic data, such as the nation’s gross domestic product and jobless rate. The index captures the annual change in the typical costs facing low- and moderate-income households who are looking to maintain a basic quality of life.
[…] The findings? For the bottom 60% of U.S. households, a “minimal quality of life” is out of reach, according to the group, a research organization focused on improving lower earners’ economic well-being.