The Economic Costs of Gaps in Child Care

02/23/2023

The Economic Costs of Gaps in Child Care

How far you go in life depends on your being tender with the young, compassionate with the aged, sympathetic with the striving and tolerant of the weak and strong. Because someday in your life you will have been all of these.
George Washington Carver, 1864-1943, agricultural scientist and inventor

According to US News and World Report, “The continuing lack of access to high-quality and affordable child care has more than doubled its blow to the U.S. economy over the last five years, now costing $122 billion in lost earnings, productivity and revenue every year.”

Working parents bear the brunt of this. According to a ReadyNation report, “Almost two-thirds of parents of infants and toddlers facing child care struggles reported being late for work or leaving work early... An overwhelming 85 percent of primary caregivers said problems with child care hurt their efforts or time commitment at work… Families lose $78 billion per year in forgone earnings and job search expenses. Meanwhile, productivity problems cause employers to lose $23 billion annually due to child care challenges faced by their workforce. Taxpayers, in turn, lose $21 billion each year in lower federal and state/local tax revenue.”

The report points out, “Beyond its impact on the workforce and economy today, the infant-toddler child care crisis damages the future workforce by depriving children of nurturing, stimulating environments that support healthy brain development while their parents work.”

They conclude, “Federal and state policymakers must support evidence-based policies and programs that enhance the availability and affordability of high-quality child care. With wise investments, policymakers can improve life outcomes for millions of children today and strengthen the workforce and economy both now and in the years to come.”

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