‘Child care is slipping farther and farther out of reach’: Rising child-care costs outpace inflation

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Rising child care spending managed to slightly outpace inflation last year, with the national average cost of care reaching $10,600 annually, according to one new report.

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In fact, 2021 marked third Child care prices have been rising faster than overall inflation for years in a row, according to Child Care Aware of America, an advocacy group that released the report on Thursday.

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According to the report, in most states, the cost of placing two children in a center-based child care program exceeds the annual housing payment. Center-based care for two children in Washington, D.C., for example, might cost a family $45,640 on average, while their annual rent, if averaged, could be $19,284.

“In 2021, the average annual inflation rate was 4.7% higher than normal, but child care prices increased by an average of 5% compared to 2020 prices,” the organization said in a statement. Statement. “This means that families with children were more likely to struggle to care for children on top of essentials like food, housing, and transportation.”

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The average family with at least one child under the age of 5 typically has to devote about 13% of their household income to child care, often during periods when parents have that kind of income. They lack the power and savings they need to afford them reasonably. , according to a letter published by the Treasury department last September. (Child Care Aware of America in its most recent report states that a married couple will spend 10% of their average annual income on child care, while a single parent will spend 35% of their average annual income, if approx. $10,600 to be paid.)

Despite this, childcare workers have low wages, frequent turnover, and low profit margins. Workers, who are mostly women and disproportionately women of color, have started walking away from industry As a result – leading to long waiting lists for parents who want their Children should be placed in care and tough decisions for parents who may feel they need to choose Between his career and his stay at home.

In a statement, Child Care Aware of America CEO Lynette M. Fraga requested for “strong, long-term public support” for the sector.

Patty Murray, a Washington Democrat, said in a statement about the report on Thursday, “Children’s care is moving further and further away from the reach of parents who cannot or cannot afford the care they need. ” “The child care crisis is holding back families and our entire economy, and we can’t stop working to fix it.”

Credit: www.marketwatch.com /

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