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Abstract:
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The poster uses data from the Consumer Expenditure Survey (CES) to understand how well households meet their basic needs. Survey data from 1984 to 2015 are used. The data show that half of US households have spending levels higher than their income levels; that is, they have annual net-negative savings. This savings gap has grown over time. Single-parent families also spend more than they earn. Historical data show the increasing share of housing spending across all income quintiles. Historical data also show increasing share of spending going to healthcare, for all but the lowest income quintile. Medicaid and CHIP are likely helping to keep real spending flat for low-income households. On average the increase in spending on healthcare over time exceeds the housing increase. Conclusions regarding households' ability to meet basic needs were supplemented with living wage data from the Living Wage Calculator of Dr. Amy K. Glasmeier at Massachusetts Institute of Technology. These criteria, based significantly on CES data, help to show the large gap between actual versus needed healthcare spending for middle class families in Omaha, Nebraska.
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