Offers include universal preschool for children between the ages of 3 and 4
Vice President Kamala Harris will hold an event with Treasury Secretary Janet Yellen on Wednesday as the Treasury Department unveils a new report on the state of the nation’s child care system.
NS report good Describes child care as “an important and under-funded part of the US economy” and makes the case for increased government investment, including universal preschools for 3 and 4 year olds.
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“Many market failures help explain why the current system is not working,” the report said. These market failures include how parents of young children are often in the early stages of their careers and are unable to earn as much later, and are generally unable to borrow against future savings. It also claims that since child care workers are predominantly women and “disproportionately women of color,” the child care system “potentially benefits from existing discrimination in labor markets.”
In addition to Universal Preschool, the report said President Biden aims to provide subsidized child care and an extension of the child and dependent care tax credits.
The report states that government support for child care is essential, as about 20% of children from infancy to age 5 live only with their mothers and women often have to make career decisions based on child care choices. Huh. It discusses the developmental benefits of quality early childhood education as well as the social benefits it brings.
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“Additional evidence suggests that children who participate in organized early childhood programs are less likely to commit crimes later in life, which benefits potential victims of those avoided crimes and reduces costs in the criminal justice system.” reduces,” it says.
Despite this, the report says, “[t]The United States invests less public dollars relative to gross domestic product (GDP) in early childhood education and care than almost all developed countries,” ranked 35th out of 37 countries tracked by the Organization for Economic Co-operation and Development. is on.
On the other side of the equation, the report noted that child care workers are often “paid less and have higher rates of turnover.”
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Additionally, the report calls for a federal family and medical paid leave program to help parents care for newborns.
“The time has come for us to treat childcare as it is – an element whose contribution to economic development is as essential as infrastructure or energy,” Yellen said in a statement. “That’s why the Biden administration has prioritized Build Back Better proposals, many of which are now moving through Congress. Implementing them is the most important thing we can do to build a stronger economy over the next several decades.” can.”