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Russ Balmer of Bethesda, Maryland holds up his four-month-old son, Russ Jr., after a news conference on family health history at the National Press Club November 8, 2004 in Washington, DC.
These days, raising a child does not come cheap. In fact, it costs 22 percent more to raise a kid now than it did in 1960. In a recent study called “Expenditures on Children by Families,” The U.S. Department of Agriculture estimates that a middle-income, two-parent family that gave birth to a baby in 2009 will spend around $11,650 to $13,530 annually until the child is 17 years old. That amounts to $222,360 in total. But, what’s really behind this increase in cost? Are more parents are choosing to place their children in private schools? And, kids today are peer-pressured into having the newest technological gadgets – leaving indulgent parents with empty pockets. Are there more doting parents now than in 1960? Where are increased child-rearing expenses coming from?
Carolyn Graham, editor of LA Parent magazine