1A The Rising Cost Of Childcare
Mar 20, 2025
Elise Gold, a senior economist at the Economic Policy Institute, and Julie Cashin, a senior fellow focusing on women's economic justice at the Century Foundation, highlight the staggering childcare costs now exceeding rent in 17 states. They discuss the burdens these expenses place on families, particularly on women's workforce participation, and the tough choices parents face. The conversation also addresses the impact of pandemic support, ongoing challenges in affordability, and the need for innovative policy solutions to ensure accessible childcare.
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High Daycare Costs in Boston
- Julia from Arlington, MA, spends $70,000 yearly on daycare for her two young children.
- This cost exceeds her mortgage and represents 30% of her family's income.
Daycare vs. Mortgage
- Julia's daycare costs are nearly double her mortgage payment.
- She and her husband considered having one parent leave work, but it's financially unjustifiable.
Impact on Savings and Future Plans
- High child care costs limit Julia's family's ability to save for college and upgrade their housing.
- They are also concerned about future eldercare responsibilities.