Why should Americans care about family economic hardship?
In addition to the harmful consequences for children, high rates of economic hardship exact a serious toll on the U.S. economy. Economists estimate that child poverty costs the U.S. $500 billion a year in lost productivity in the labor force and spending on health care and the criminal justice system. Each year, child poverty reduces productivity and economic output by about 1.3 percent of GDP. The experience of severe or chronic economic hardship limits children’s potential and hinders our nation’s ability to compete in the global economy. American students, on average, rank behind students in other industrialized nations, particularly in their understanding of math and science. Analysts warn that America’s ability to compete globally will be severely hindered if many of our children are not as academically prepared as their peers in other nations. Long-term economic trends are also troubling as they reflect the gradual but steady growth of economic insecurity among middle-income and
In addition to the harmful consequences for children, high rates of economic hardship exact a serious toll on the U.S. economy. Economists estimate that child poverty costs the U.S. $500 billion a year in lost productivity in the labor force and spending on health care and the criminal justice system. Each year, child poverty reduces productivity and economic output by about 1.3 percent of GDP. The experience of severe or chronic economic hardship limits children’s potential and hinders our nation’s ability to compete in the global economy. American students, on average, rank behind students in other industrialized nations, particularly in their understanding of math and science. Analysts warn that America’s ability to compete globally will be severely hindered if many of our children are not as academically prepared as their peers in other nations. Long-term economic trends are also troubling as they reflect the gradual but steady growth of economic insecurity among middle-income and
