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New Report Defines Economic Security, Shows Families Struggling to Reach American Dream

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News release: “As Congress works to meet the April 8 deadline for a final budget deal for fiscal year 2011, a new report on family economic security details the challenges that many Americans face in covering their basic expenses and the additional hardships families could suffer as a result of proposed budget cuts. The national Basic Economic Security Tables TM (BEST) Index, developed by Wider Opportunities for Women (WOW), a national organization that works to achieve economic independence for women and their families, finds that single workers need $30,012 a year – nearly twice the federal minimum wage – to cover basic expenses. Single-parents require nearly twice the income ($57,756) to support two children, while dual-income households with children require $67,920.”

  • “The Basic Economic Security Tables™ Index (BEST) is a measure of the basic needs and assets workers require for economic security throughout a lifetime and across generations. The BEST follows on a long history of research defining families’ spending and income needs, but reflects a modern economy and contemporary understanding of how families achieve financial stability. The BEST addresses the several pieces of the larger basic economic security picture—basic needs, savings and employment-based benefits—and allows a broad and complete view of worker needs and families’ prospects for achieving the economic security so critical to their futures and to their communities.
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