A new report released in June by the U.S.
Congress Joint Economic Committee Minority said America’s child care crisis is hurting families, businesses and the broader economy, with the lack of affordable and reliable care potentially costing the U.S. economy as much as $329 billion over the next decade.
The report found parents can wait as long as two years for a child care slot, while care costs an average of $13,184 annually per child, often forcing parents to leave the workforce, cut work hours or miss work.
The committee said these disruptions increase employee turnover, reduce productivity and raise hiring and training costs for businesses.
Tax Benefits Remain Underused The report said Congress has created multiple tax incentives to encourage employer-supported child care, but usage remains low because many businesses either do not know about them or find the rules too complex.
