I partially agree with your argument. On average a baby costs an average of $500 to $1,000 per month, and it translates to $6,000 to $12,000 per year. But a major part of this will be compensated by the child benefit payments, maternity and paternity leaves, and tax cuts. Also, having a baby is like a long term investment. When the baby grows up, he / she will take care of the parents.
Western cultures don't seem to be raising people who give much of a shit about their parents in old age. I used to visit my grandfather in his care home and he told us multiple inmates never got a visit from anyone.
Raising a baby or child is as expensive as you want it to be. It's only competitive middle class tossers who throw thousands at utter junk. Food, love and a way to catch the shit is all they need. Millions of functional kids are brought up by broke people every day.