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Families above poverty thresholds are just thought to be free of outright material deprivation. Conceptually, these measures are important metrics, but are fundamentally different from EPI’s basic family budgets. Poverty thresholds are generally national income levels used to measure the number and share of Americans who are economically deprived. Limitations and problems of poverty thresholds EPI’s family budgets overcome the most substantial limitations of these measures and paint a portrait of what families need in order to live securely yet modestly. Official poverty thresholds such as the federal poverty line and Supplemental Poverty Measure are incomplete indicators of what it takes for families to live free of economic hardship. Annual wages for one full-time, full-year minimum-wage worker total $15,080, far below what is necessary for a one-parent, one-child family to live in even the least expensive family budget area.īeyond measures of poverty to measures of economic adequacy
BASIC HOUSEHOLD BUDGET UPDATE
The following is a sample of findings from the 2013 update of EPI’s Family Budget Calculator: It then illustrates the budgets’ most important feature-their high degree of customizability by family type and community-by demonstrating how family budgets vary significantly depending on family size and geographical area. This issue brief begins by explaining in greater detail the advantages of EPI’s basic family budgets as compared with the federal poverty line and the Supplemental Poverty Measure. The rich detail afforded by these geographic and family-type customizations, the relative accessibility of these numbers, and the rigor and transparency with which they are developed make the family budgets presented in this report and via the Family Budget Calculator uniquely valuable to non-experts and academics alike. communities and six family types (either one or two parents with one, two, or three children). EPI’s basic family budgets overcome many of these shortcomings by providing a wealth of geographic and family-type detail they are calculated for over 600 U.S.
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The basic family budgets presented in this report, as well as those presented via the Family Budget Calculator itself, measure the income families need in order to attain a secure yet modest living standard where they live by estimating community-specific costs of housing, food, child care, transportation, health care, other necessities, and taxes.ĮPI’s Family Budget Calculator is particularly useful given the inadequacies of both the federal poverty line and the new Supplemental Poverty Measure (SPM) when it comes to measuring families’ fundamental needs (CCED 2013).
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While poverty thresholds, generally set at the national level, help to evaluate what it takes for families to live free of serious economic deprivation, the Economic Policy Institute’s (EPI) Family Budget Calculator-recently updated for 2013-offers a broader measure of economic welfare and provides an additional metric for academics and policy experts looking for comprehensive measures of economic security. The income level necessary for families to secure an adequate but modest living standard is an important economic yardstick.
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