Democratic strategist Hilary Rosen, exemplifying mainstream media’s pervasive bias, unleashed a firestorm recently. Ms. Rosen ridiculed Mitt Romney’s wife regarding the economic literacy of stay-at-home mothers; contemptuously dismissing Ann Romney for “never having worked a day in her life.”
Many mothers managing family finances implicitly understand economics better than political strategists or government bureaucrats. Housewives engage markets constantly. Ludwig von Mises noted of inflation, the “housewife knows much more about price changes as far as they affect her own household than the statistical averages can tell.”
Who Is Paul Krugman Kidding? Inflation Is Morally Abhorrent
The myriad advantages of full time motherhood extend far beyond finance, but there are substantial economic benefits too. Work costs money, from transportation and wardrobe to the cascading cost of dining out frequently. Unless a second salary far exceeds daycare expenditures, couples may fare better with one breadwinner and frugal budgeting.