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The current student loan crisis in the United States has become one of the most significant calamities in American history. It originated from the idea that every young person should attend college, regardless of the amount of debt they would accumulate, with the belief that they could easily pay it off in the future.
Unfortunately, these loans are not being repaid, and President Biden’s student loan forgiveness plan, which was fortunately rejected by the Supreme Court, would have simply shifted the burden onto the American taxpayers rather than actually forgiving the loans.
A similar predicament is now arising in American child care. Many day care centers closed during the pandemic due to lockdown measures, but some were able to remain open thanks to federal assistance. However, this assistance is set to expire on September 30, and as a result, 70,000 day care providers are preparing to shut down.
If fewer parents utilize subsidized day care, the industry will become more manageable in size, making it more affordable for those in genuine need. (iStock)
Therefore, just as Americans with outstanding student loans can no longer rely on taxpayers for support, fewer parents will be able to depend on public funds to assist with their child care expenses. These families will need to develop alternative plans moving forward.
STAFFING SHORTAGES, LOW PAY CONTINUE TO CHALLENGE CHILD CARE INDUSTRY
It is essential to differentiate between the various types of families that utilize institutionalized day care. Single-parent families and lower-income families, which often overlap, clearly require support. However, the majority of married parents do not. These couples have each other, providing significant assistance. Many single-parent families would greatly appreciate having a partner to help share their responsibilities.
This is why the most evident solution to the impending child care crisis is for married parents of non-school-age children to evaluate their financial situation and determine which parent should stay at home. In most cases, this responsibility falls on the mother.
Will mothers leaving the workforce have an impact on the economy? Undoubtedly – social change always brings some disruption. However, it is worth noting that when we introduced a massive influx of mothers into the workplace in the 1970s, no one complained about the challenges that awaited. Instead, it was celebrated as a positive development for women and for the country.
In reality, the significant increase in mothers leaving their homes, which was more of a political than economic decision, actually boosted the GDP. After all, when both parents work, they incur child care expenses, additional clothing costs, transportation expenditures, and increased spending on takeout and convenience food due to lack of time for cooking. Even the coffee industry benefits from this trend. (Who doesn’t love Starbucks?) These transactions contribute to the national income accounts.
Yet today, all we hear is that dual-income families are deemed essential for basic survival, despite the evidence to the contrary.
The truth is that living with less for married Americans is not solely determined by income but by how couples manage their finances. I frequently hear from families who have successfully transitioned from two incomes to one or reduced one partner’s working hours. While it requires a shift in mindset, once embraced, innovative ideas begin to emerge. Hannah, a wife and mother, shared her experience:
“After the birth of our son, I transitioned to part-time work and eventually quit my accounting job due to financial constraints. We had to find creative ways to make ends meet. I started cleaning houses to earn extra money, and my husband took on additional jobs such as lawn mowing, evening work at UPS, and weekend furniture deliveries on top of his full-time job.
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“Fast forward to today. We are both 30 years old, have three kids, and recently purchased a modest home in a small town. We drive older vehicles, avoid expensive vacations, eat at home, and adhere to a strict budget. We have significant student loan debt and can only afford minimum payments. Our lifestyle is completely different from before, but we have never been happier.”
Sandee Barrick is another example. Barrick was earning a six-figure salary as a salesperson when she voluntarily left her job in December 2019 to relocate to North Carolina. Initially, she made plans for when she would return to work, but over time, she and her husband realized they could make their situation work with a single income.
These mothers are not alone. They represent the millions of mothers who have opted to trade their careers for more time at home and have found greater happiness as a result.
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Therefore, in response to the impending “child care cliff,” the most effective solution is to encourage more married mothers to follow in the footsteps of these women. If fewer parents rely on subsidized day care, the industry will naturally become more manageable in scale, making it more affordable for those who genuinely need it – which was the original purpose of day care. It was never intended to be accessible to every parent who simply wanted to utilize it.
Ultimately, more married parents staying home in the early years benefits everyone involved: the children, the taxpayers, the day care industry, and the millions of families who long for a society that not only supports parents caring for their children at home but also recognizes and honors their choice.
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