Want to Strengthen New Jersey’s Economy? Fix the Child Care Crisis
Impact of child care challenges felt by families, employers, and taxpayers.
Working parents in New Jersey, particularly those with infants and toddlers, know how difficult it is to find child care that’s accessible, affordable, and high-quality. Meanwhile, our state’s ReadyNation members and employers understand the economic impact of these child care challenges.
A national study by ReadyNation examining the economic impacts of the nation’s child care crisis on working parents, employers, and taxpayers describes the consequences: an annual cost of $57 billion in lost earnings, productivity, and revenue.
New Jersey’s gross domestic product and population represent roughly three percent of the nation’s total population and gross domestic product, suggesting that the lack of reliable child care for young children up to age three could cost $1.7 billion annually in the Garden State.
The business leader members of ReadyNation in New Jersey are calling on lawmakers to improve the quality and affordability of current infant-toddler programs, expand the supply of quality infant-toddler child care, and ensure adequate compensation to stabilize the child care workforce.
Evidence-based, sufficiently-funded policy initiatives to fix the child care crisis will improve life outcomes for New Jersey children today and will support a more productive workforce and economy for our state, both now and in the years to come.
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