The United States is facing a growing child care crisis.
Its economic impact has more than doubled since 2018, rising to a staggering $122 billion annually in lost earnings, productivity and revenue last year. Meanwhile, the crisis itself threatens the future of the U.S.’s youngest minds and is hindering employment and educational advancement of the American workforce.
That’s according to a new report from the bipartisan Council for a Strong America. In comparison to the economic impact seen in 2022, in 2018 the toll was estimated at $57 billion per year. Both the pandemic and insufficient policy have exacerbated challenges, the report authors say.
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