Millions of Americans Can't Afford Basic Living Costs, New Report Reveals

A recent report from the Ludwig Institute for Shared Economic Prosperity paints a grim picture of economic hardship facing a significant portion of American households. The study reveals that the cost of achieving a basic standard of living, termed the "Minimal Quality of Life" (MQL) index, has increased dramatically, leaving millions struggling to make ends meet. The report shows that the cost of maintaining a basic standard of living doubled between 2021 and 2023, and that the bottom 60% of US households are unable to meet the MQL index. "The gap between what low-income families earn and what they need to afford a minimal cost of living is only going to get wider," stated one of the report's authors. This widening gap is particularly concerning considering that median earnings for the bottom 60% of households have actually declined during this period. The report highlights sharp increases in housing and healthcare costs as major contributing factors to this economic hardship. The findings underscore the urgent need for policy solutions to address income inequality and the rising cost of living in the United States.