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.