Article: https://www.cbsnews.com/news/cost-of-living-income-quality-of-life/

The analysis, from the Ludwig Institute for Shared Economic Prosperity (LISEP), looks beyond whether people can afford daily necessities like food and shelter to consider whether they have the means to pay for things like the technology tools necessary for their jobs, higher education, and health and child care.

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The Ludwig Institute also says that the nation’s official unemployment rate of 4.2% greatly understates the level of economic distress around the U.S. Factoring in workers who are stuck in poverty-wage jobs and people who are unable to find full-time employment, the U.S. jobless rate now tops 24%, according to LISEP, which defines these groups as “functionally unemployed.”

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By those standards, the lowest-earning Americans around the U.S. are falling well short of what they need to maintain a decent standard of living, according to LISEP. These households, which in 2023 earned an average of $38,000 per year, would need to make $67,000 to afford the items the group tracks as part of its index, which also includes the cost of professional clothing and basic leisure activities.