'By distributing checks, forgivable loans and aid to local governments, the stimulus packages of 2020 and early 2021 were aimed at lifting plunging demand during the pandemic. Now, the focus is on adding much-needed supply.' | Analysis by MattEganCNN
Now, even though inflation is surging and unemployment is shrinking, President Joe Biden is calling for spending another $4.5 trillion on infrastructure, education and childcare. That bold agenda is raising concerns that Democrats are about to overheat an already-booming economy.Republicans are making just that case. Senate Minority Leader Mitch McConnell warned that Biden's recent budget announcement"would drown American families in debt, deficits and inflation.
Over the past two decades, the cost of daycare has doubled compared with a 50% rise in prices of all goods and services, according to Moody's Analytics. The average cost of putting a child younger than 5 into full-time formal care is nearly $10,000 nationally, but could be as high as $20,000 in certain areas, Moody's said.For many parents, it simply made more financial sense to stay home rather than pay exorbitant childcare costs.
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