CEO DATELINE U.S. Chamber: Billions of dollars lost to lack of child care options
CEO DATELINE U.S. Chamber: Billions of dollars lost to lack of child care options
- November 30, 2021 |
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Walt Williams
Nov. 30, 2021
New research by the U.S. Chamber of Commerce Foundation has concluded a lack of available child care is a drag on state economies, with billions of dollars lost as parents miss work or leave their jobs to take care of their children.
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The foundation surveyed parents in five states—Alaska, Arkansas, Arizona, Missouri and Texas—and found that limited options for child care cost the states a combined $2.7 billion in lost economic activity. That figure includes an average annual total of $528 million in lost tax revenue, and a combined average annual loss to employers of $2 billion from absences and employee turnover.
"While the impact is different in each of these states, these studies show the urgency needed in finding solutions to child care issues across the country," said Cheryl Oldham, senior vice president of the U.S. Chamber of Commerce Foundation Center for Education and Workforce. "The challenges in the child care system are complex, but solvable—and addressing them comprehensively, in ways that consider the needs of parents, businesses, and providers, will be central for the nation's long-term economic success."
The foundation said the COVID-19 pandemic has made the situation worse as child care providers struggled to stay operational and face uncertainty about when employees could return to work. The group also noted that 28% to 40% of respondents in each state reported that they or someone in their household has left a job, not taken a job or changed jobs because of problems with child care in the last 12 months.
The foundation argues that the crisis isn't just one of affordability and points to private-public partnerships as a possible solution. One example cited is The Best Place for Kids program in Fort Worth, Texas, which brings together nonprofits, businesses and local governments together to provide child care options.
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