From productivity loss to job loss, a new study suggests that the childcare crisis costs Americans over $122 billion a year.
Post-pandemic lockdown, many good things have happened to make parents’ lives easier, from more flexibility to work from home to better parental leave policies. But for all the wins one thing has become much more difficult for parents post-pandemic—finding childcare.
Whether there is a physical lack of childcare in neighborhoods that need it or parents have been priced out of the market, costs have risen for not just parents but the US economy as a whole. A new study conducted byshows that the economic cost of childcare has risen from $57 billion pre-pandemic to $122 billion now.
This approximate cost is calculated using a mixture of metrics calculating how much employers, employees, and taxpayers lose out on due to the childcare crisis.Simply put, employers lose money when their employees can’t perform at their highest potential. An ovwhelming 85 percent of primary caregivers said problems with child care hurt their efforts or time commitment at work. Plus, more than half said they were distracted at work or that they had to miss whole days.
The cost of childcare isn’t just a financial one but a societal one too. As more parents, especially mothers, are displaced from the workforce, the lack of their unique voices and opinions stifle innovation and new ideas.
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