It’s Official: Childcare Now Costs More than Rent
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And the rising cost of childcare has impacted many parent’s career choices, with some parents—women in particular—leaving the workforce altogether. In 2010, a paper by the U.S. Census Bureau stated that, “for mothers who have more than one child under 5, the cost of daycare might be higher than she could support unless she has fairly high earnings.” The result is that many mothers are choosing to stay home with their kids, whether they want to or not.
“I absolutely think [the cost of childcare] plays a role in a woman’s decision to go to work,” says Gould. “It is taking a toll on labor force participation and therefore on the economy.”
It is such a huge issue that President Obama mentioned it in his 2015 State of the Union address, citing child care affordability as a key to helping middle-class families feel more secure in a world of constant change.
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