Want to Grow the Economy? Fix the Child Care Crisis.
Workers and employers feel pain in pocketbooks and productivity
ReadyNation’s new study examining the economic impacts of the nation’s child care crisis on infants and toddlers, working parents, employers, and taxpayers describes an annual cost of $57 billion in lost earnings, productivity, and revenue.
Productivity challenges affect both employer and employee. An overwhelming 86 percent of primary caregivers said problems with child care hurt their efforts or time commitment at work. The predictable impact: one-in-five say they’ve been reprimanded, eight percent have been fired, and just over one-in-ten have been demoted, transferred or fired. Meanwhile, productivity problems cause employers to lose $12.7 billion annually due to child care challenges faced by their workforce. Taxpayers also suffer, with lower tax revenues.
ReadyNation is calling on lawmakers to protect and expand programs that enhance the affordability and availability of quality child care – and to foster continuing innovations at the federal, state, and local level that address this problem for parents and employers.
Action and innovation now will 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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