Child care costs could be a major issue in the presidential campaign
Child care costs could be a major issue in the presidential campaign
Former Vice President Joe Biden, the presumptive Democratic nominee for president, announced a plan to invest $775 billion over 10 years in child care and elder care.
In 2017, under the Trump administration, the child care tax credit was doubled to as much as $2,000 per child.
The pandemic has brought child care issues into high relief, as parents who have to work struggle to find help.
Meghan Alexis has to make a difficult decision in the next few weeks: what to do with her 5-year-old. She’s a single mom, a school teacher in Indiana, and her district is reopening. Her daughter’s is not. And the average cost of child care in her state is over $1,000 a month.
“You know, it’s like $50 a day for four weeks,” she said. “This is not in my budget. This is not what I planned for.”
For many Americans, the child care system has always been a financial burden. And that was before the pandemic caused rampant unemployment, schools went remote and day care centers shut down.
“Some families, especially single mothers, can spend up to 30% of their income on child care,” said C. Nicole Mason, president and CEO of the Institute For Women’s Policy Research.
This could be one of the major issues of the upcoming presidential race. But until then, there are no easy answers for folks like Alexis.
Are you stuck at home with kids right now?
Check out our brand-new podcast “Million Bazillion.” We help dollars make more sense with lessons about money for the whole family.
Each week we answer a new question from a kid, like where money comes from, how to negotiate with parents, why things cost what they do and how to save up for something you want.
Listen here or subscribe wherever you get podcasts!
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
