The recent presidential election highlighted a growing concern for millions of Americans: the economy may look good on paper, but for everyday families, it often feels like a different story.
While experts point to things like GDP growth, lower unemployment, and stable inflation, these numbers don’t always match the realities people face. For families at the grocery store, choosing a health insurance plan, or trying to save for emergencies, the math just isn’t adding up. This disconnect has left many feeling left out of what’s being called a “strong economy.”
To dig deeper into this issue, the National True Cost of Living Coalition teamed up with the Urban Institute to create a groundbreaking study. They wanted to figure out what it really takes for Americans to make ends meet. The study, called the “True Cost of Economic Security” (TCES), looks at all the everyday expenses families face—like rent, childcare, and transportation—and compares them to what people are actually earning. The results paint a sobering picture.
According to the report, more than half of Americans (52%) struggle to pay their bills and set aside any savings. Even more concerning, three out of five children live in households that can’t meet their monthly expenses while saving for the future. For many, the so-called “roaring economy” feels more like a storm they’re trying to survive.
This issue hits especially hard in New York City, where the cost of living is sky-high. Even families with decent incomes often feel like they’re just barely keeping their heads above water. These families may not qualify for public assistance, but they’re also far from financially secure. Because they don’t fit the traditional definition of “poor,” they’re often overlooked by policymakers and left to navigate the rising costs on their own.
Part of the problem is the outdated way we measure economic health. Traditional tools like poverty rates or unemployment numbers miss the full picture. They don’t account for the rising cost of rent, skyrocketing insurance premiums, or the weight of student loans. They also fail to capture how close many families are to financial disaster—one unexpected medical bill or job loss could push them over the edge.
That’s why the TCES measure is so important. It not only identifies the problem but also offers solutions. By adopting this measure, leaders in New York City could create policies that actually address the challenges low- and middle-income families face. It’s a chance to shift from simply surviving to helping families truly thrive.
In fact, New Yorkers have already expressed their support for this kind of change. Back in 2022, voters approved a Charter revision requiring the city to calculate what it really costs to live in NYC each year. While city officials promised to finalize this measure earlier in the year, progress has been slow, and many are still waiting for action.
But this delay doesn’t have to be the end of the story. New York City has a chance to lead by example. By embracing the TCES measure, the city can set a new standard for addressing economic insecurity—not just for New Yorkers but for the entire nation. Imagine a city where families don’t just scrape by but feel confident in their financial future. That’s the kind of change this measure could bring.
This isn’t just about numbers on a report—it’s about giving dignity and hope to millions of people. It’s about recognizing their struggles and showing them that solutions are possible. With the True Cost of Living measure, New York City has a powerful tool to create meaningful change. Let’s make sure it doesn’t go to waste.
