Pro-marriage and family policies mean financial security at home

The term financial security is thrown around when discussing individual and household income. Credit reporting company Experian describes financial security as “the ability to afford your expenses, live comfortably on your income, and save for the future.”

The apostle Paul stated in 1 Timothy 5:8 that “if anyone does not provide for his relatives, and especially for members of his household, he has denied the faith and is worse than an unbeliever.” These are strong words, and they emphasize the requirement for men to provide for their families. With this understanding, shouldn’t our government do everything within its power to foster an environment of economic prosperity so families can thrive?

It is no secret that families have been struggling financially as of late due to persistent inflation, negative real wage growth, and the lack of affordable housing. These are all factors that are part of a much larger problem: declining marriages and birthrates.

At the end of June 2022, inflation hit a 40-year high at 9.1% year-over-year. This is based on the Consumer Price Index (CPI) report produced by the Bureau of Labor Statistics. Certain categories of inflation in the CPI formula, such as energy, increased by more than 40% year-over-year.

This inflation outpaced wage growth for over 25 consecutive months, from April 2021 to May 2023. In effect, many American workers were receiving a pay deduction for 25 consecutive months due to the persistent inflation previously mentioned.

MarketWatch published a report in late 2023 noting that housing affordability had hit a 39-year low. The primary reason for this is because of high interest rates that have driven mortgage rates near 8%, which is the highest rate we’ve seen in over 20 years. Another contributing factor to the lack of affordable housing is the shortage in inventory.

While there are other factors leading to a decline in marriages and birthrates, it is undeniable that America’s current economy is making life harder for existing families as well as for couples who want to marry and have children. Following the Great Depression in the late 1920s and early 1930s, the birthrate plummeted 26%. During or following the recessions of 1990, 2001, and 2008, the birthrate also declined.

Creating a pro-marriage and pro-birth economic environment should be a central tenet of any national policy agenda.

Take Hungary, for example. The Hungarian government came to realize the steep population decline it was facing, along with the rest of Europe, and enacted serious pro-family policies. First, in Hungarian law, marriage is explicitly defined as being between one man and one woman. Second, the more children you have, the less income taxes you pay, and mothers with four or more children are completely exempt from paying personal income taxes. Third, adults under age 25 are exempt from paying income taxes, which encourages young adults to get a job and start a family in their early adult years.

Hungary appears to have reversed the trend that the rest of the West is facing. Hungary is now experiencing an increase in marriages and births, fewer abortions, and a decrease in childbearing age.

It isn’t every day that I recommend we become more like a European nation. But in this regard, I’d say we need to become more like Hungary, which, in turn, could make us look a bit more like the Designer of marriage and family.