Every working parent knows how tough it is to drop the kiddos off at daycare. It’s tough for the parents, it’s tough for the kids, and it can also be tough for the providers (not to mention expensive!) All too often, it’s just not worth it, or maybe a family can’t even find childcare at all! This can put families in a bind, but it’s also not great for the state, in general. A recent survey reveals just how expensive a problem childcare really is!
Here are Five Fast Facts on Michigan’s childcare shortage being super costly:
- 💰 The Big Bucks - The report estimates a total of almost $2.9 billion in lost economic activity due to childcare issues. This includes $2.3 billion in lost productivity from employee turnover and absences, and another $600 million in lost tax revenues. Almost as much as your diaper budget.
- 📉 Low Participation - Part of the problem is that Michigan has the 13th-highest unemployment rate in the nation, and the 39th lowest labor force participation rate, meaning a lot of folks who could be working aren’t. This is partly due to challenges with childcare.
- 🤔 Where Are They Going? - Another big challenge is one we’ve talked about before - the state’s population just keeps going down. That means it’s even more important to allow folks already in the workforce to be able to stay in the workforce. YOU CAN’T ESCAPE, SUCKA!!!
- 🐢 Slow Growth - Recent reports from both Forbes and U.S. News & World Report have Michigan at 21st and 28th place for economic growth. Growth means more money to help situations like this, so while this could be worse, it could also be a whole lot better. Naturally.
- 🏢 Programs, Programs, Programs - There are a number of programs gearing up to help with this worsening problem. There’s both public and private money going toward childcare, state and federal grants to help fund things, and cooperation between chambers of commerce, businesses, and childcare providers to set up help for families who need it. Is there a program to help us understand all the programs available…?
🔥Bottom line: This is a big problem, and only getting bigger. Given how expensive life is right now, more and more parents need to work, but the challenges with childcare are getting equally difficult to manage. It’s great that there are things in the works to help, but will it be enough, and will they come soon enough?
What do you think is the best way forward?
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