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aries1988 : birthday   1

Kids’ Birthday Parties Have Become Absurdly Extravagant. Here’s How We Let It Happen.
You can blame it on what Cornell University economics professor Robert H. Frank calls an “expenditure cascade.” In short, as people at the top of the income pile spend more on an item, it causes everyone to upgrade their expectations and expenditures. Happy extravagant birthday, kids!

The United States government claims it will cost a middle-income family about $245,000 to raise a child born in 2013 to the age of 18. The cost has increased every year since the start of Great Recession in 2007, even as household income and net worth have either stagnated or fallen for almost all but the wealthiest households.
parents  children  birthday  money 
january 2015 by aries1988

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