Unemployment is low, and wages are also good, but still, the cost of living in the USA is rising. Learn the reason here.
The college education cost is touching the sky. It is getting expensive day by day because of various reasons:
- increase in demand and financial aid
- wages for the increased number of faculty members to teach huge strength
- lack of state funding
All these factors result in increasing the tuition fee to a vast level. Be it a public college or private, the costs are going up with each passing day. Millennials’ are facing student debt at a recorded level because of a massive rise in education cost.
- Medical Care
Medical facilities are twice expensive in the USA than in any other developed country. It is affecting the livelihood of citizens. The rise is because of:
- Chronic illness like heart disease and diabetes that has affected most of the Americans that and it makes the treatment difficult. Most of the patients are covered under Medicare and treating them consumes one-fourth of the budget of the program. Medicare is a program that is created by the government to treat patients of age 65 and above.
- Usage of costly drugs, tools, and surgeries. MRI is expensive and even giving birth to a child is also at a high cost in the USA.
- Administrative costs also increase healthcare costs, like in billing systems, other countries don’t opt for specialists; they work with a single-payer system. But in the USA, there are billing specialists to meet the requirements of multiple insurers.