US Authoritarianism

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The Cost of Living a Decent Life in America is 96,000 Annually (lemmy.world)

submitted 10 months ago by alphanerd4 to c/usauthoritarianism

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[–] themeatbridge 9 points 10 months ago* (last edited 10 months ago)

Looks like these numbers came from a report by SmartAsset, which took it's numbers from the MIT Living Wage Calculator. Here's a link to their methodology:

https://livingwage.mit.edu/pages/methodology

Relevant definitions:

At its simplest, a living wage is what one full-time worker must earn on an hourly basis to help cover the cost of their family’s minimum basic needs where they live while still being self-sufficient.

There are eight basic needs – food, childcare, health care, housing, transportation, civic engagement, broadband, and other necessities – that make up the cost components of the living wage, with an additional cost associated with income and payroll taxes.

EDIT: It looks like the SmartAsset report used their 50/30/20 rule to estimate their "comfortable" living wage. 50% needs, 30% wants, and 20% paying down debts. The MIT calculator bundles some needs and wants together, so it appears that SmartAsset teased out the expenses they categorize as "needs," e.g., food, housing, and transportation, and then they doubled it.