What does it take to live comfortably in New Orleans?

Tommy Tucker, WWL First News
Monday, March 12th

Tommy talks with Elise Gould, Senior Economist at the Economic Policy Institute, about how much it costs to live a decent but modest life in the New Orleans area.



Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Tell you about my niece. And can money buy you happiness and how much does it take to even survive are ready Mans opinion poll. Being in voted 8787. And really rather have a conversation with you though can money make you happy. As is sands about two thirds of viewers saying yes 13 saying no I totally think it cannot make you happy ending weekend. May be alleviates some worries but then again I think if you're happy the worries don't really bother you. As much as Sonny from Purdue University said that the optimum number is 95000. A year. That anything below that and you want things it's enamored can't afford. And then above that you get too obsessed with keeping up with the joneses. Elise Gould senior economist at the time Economic Policy Institute Johnson on good morning Elise. Do you ever wish you name was Jones. It. Mug is a member to be trying to keep up with you apparently. If your name Jones U you born wealthier something non understand how that works. But ulee's gold senior economist the Economic Policy Institute to talk about a a new study that says a couple with two kids. Needs make 76 grand a year to live in the new loans area and we're asking you an addition to the other Manning money questions on by the audience. That sounds you hide to lower juices right on the money. And Isabel people's spending on things they don't need or do they just not make enough police how do you get as an economist how do you go about. I guess even determining are beginning to did term NS. Question a lot of people think about the distance learning anything about the official poverty measure or even. This sense to put out a little parity measure but as a turned out it cost very different amounts across the country to make ends meet. Until we did in our studies actually look at the costs. A variety of items that families need housing food child care. Transportation. To and from work health care. I'm buying insurance that also paying for health care out of pocket. Other necessities like clothing and and helpful supplies. And then taxes in its local areas we look at every county across the country at all the metro areas in your writing new violence will be fine. And the New Orleans metro areas that cost about 76000. Dollars spread to parent to child family. Securities that yet modest standard of living. Are these numbers and I know economists. Prefer to be objective rather than subject him but. In terms of closing days in computing this do you give like maybe NN an allowance or some dinner figure will cost. This mine gin and I guess I'm asking Elise is union buy clothing yet. Hmmm gee I don't even know at a local news is good qualities to world war designers store would be worrying go to Wal-Mart. Not to demean the clothing and Wal-Mart but you understand the question ranked. Yes absolutely I think one of the best examples as to think about how calculating food costs succumb to get the same thing would apply. Great indicted fancy restaurants or you can I'm just took it home and get. You know different content with the changes that. Slap demon crappy is that's my generic chain Elise. Slapping trapeze at it. So well we are looking at is there are a import different basic plan that the US Department of Agriculture put out. And we are looking at the national low cost food plan. At what that means is the second at least expensive of the four officially USDA statement. And it seems that calls all food is that the grocery store and then prepared for that does not and going out to eat budget this is very much. Shopping at the grocery store and preparing data Altman so that. Did you think a little bit of a sense of what were targeting. I wanna be objective here we got to take a break when we come back I don't want you to the if you can Elise and make it is subjective calls on who should or shouldn't. But rather recording the data where couples or families are reliably get no trouble. In overspending at that's been calculated. Do we do that. Checked out of that houses different expenses so lineup. Okay good Elise golds or I guess senior economist at the Economic Policy Institute the numbers have been run. And yet remain about 75000. Dollars if you were a family of four mom dad and two kids. Olivia Lisa Ruiz a comfortably how would we describe it. Police say that yet not as standard of living and I can talk about that further I think that one of the issues is that we don't have any mention it's sitting here so I think to be more comfortable more secure you have to deal to saint Anthony's. But it did not include that kind of savings. Very well we'll be back in a moment release builds senior economist at the Economic Policy Institute I've signed a fascinating 722. If you feel comfortable. Thomas how much your house sold makes we'd love to hear from you but we'll leave and give you an anonymous name if you like right now traffic Devin WL. 726 Tommy Tucker talking about money this morning nearly schooled her guess senior economist at the Economic Policy Institute. McLean a sub Marin men Buren was present and an 1849. Millar or Millard Fillmore. The stories are texting with that anyway Elise Gould senior economist at the Economic Policy Institute they've run the numbers in new long ones you estimate. Bode 75000. Dollars a year if you're a mom and a dad. And two kids say have they how did you design Italy's standard learning living. They gave him yet modest and it. Decent yet modest and somebody texted and instead does that. Take in 401 k.s and you said it absolutely positively does not. Grades that the great point in many think about like circuit you're out that you're talking about as well. What you think about what people might need to say it's break now the budget has just what you pay payroll taxes assessed security. Otherwise there is no saving for retirement there's just hit it to its current business savings if you that the job. That it didn't pass it well. So none of that is included in woodland naked very modest. Com and when you think about the kind of security that in the past Stanley on they want to have a little bit of state and their bank account if something goes wrong. And that this but he. So over saying his paycheck to paycheck. Absolutely it can dictate that you can pay your ability to daylight time. But nothing else. I people listening right now that they and it's on how sometimes of people that. Have been blessed say. Well they're just spending too much well people haven't realized that it's very hard to get by. Name is there any any data that indicates where people get in trouble in terms of maybe spending more than they make or do they really have a choice like you mentioned home repairs there these type of deals money gets sick. Where he had no choice but to run up the credit card. I think it's really tough for a lot of Amylin commonly we think about families let's say we may be working. Relatively that we job trying to create enough money together. Many times. Those antennas handling it can't get enough hours to really make ends meet or there's schedules there's some automatic that is think growing problems country. Not really having your regular schedule and then it can be an articulate safe secure child care when you needed for the hours that you get scheduled to work. And so they're there are many different margins where families are really having a tough time. In another offshoot to this is it as it occurs to me I don't know that you can measure this but. You're just because you cover your bills and you said again I hate to keep asking you release would you set a modest yet what. I could be sent yet modest. DC are yet modest standard of living. And that may be economically but if you live in fear of the refrigerator breaking or. God knows something else well then I don't know how the it might be decent and there might be modest but I don't think it's happy as a. Now I mean I think. The security that comes with having a little bit of money in the bank and knowing that. You know if he would lose your job you know you can be able to feed your kids. And provide healthcare and they needed. On that line where its security is not in there it is not to care. It is very much paycheck to paycheck. And just hoping that things can you know need to make ends meet at the end of the day at the end of the month. And that 76000. Send any time. Stanley Ford thank you les I appreciate your time I really do. It.