The True Cost of Caregiving: An Aspen Institute Digital Discussion

/ / Child Care

Even in a typical year, U.S. households are estimated to experience $31.9 billion in lost wages as a result of inadequate childcare and paid leave. Roughly 1 in 5 people living in the U.S. today incur caregiving expenses, and the need for care work is experienced in nearly every household at least once. Those who are professional care workers, disproportionately women of color, are underpaid and therefore susceptible to financial insecurity. Those insecurities have been exacerbated even further amidst COVID-19 and the resulting economic downturn.

In June 2020, the Aspen Institute Business and Society Program hosted a digital discussion “Paid Leave, Livable Wage, Affordable Care: Policies that Could Avert the Next Crisis” in conjunction a policy brief  The True Cost of Caregivingthat was released in May. Within this discussion, the panel focused on the fragility of the care system and the financial stability of those providing care, both paid and unpaid. The panel not only addresses these issues but seeks to re-imagine a system in which care is treated like a public good, examines the hierarchy of human value, delves into the historical context behind care work in the U.S., the vulnerability of care workers in the current pandemic, and the inefficiency of the current care economy within the larger economic system.

A number of important questioned are addressed such as:

– How to quantify the benefits of paid leave, livable wages, and affordable care policies?

-What are feasible policy responses to COVID-19, in both the short term and long term, that can lead to better systems of caregiving in the U.S?

-What does an inclusive and equitable care system could look like?

-Who bears responsibility for building this system?

Further, this panel brings to the table the idea that care work should be invested in collectively as a nation, as opposed to being looked at as an individual burden; which puts increasing downward pressure on those who are already disadvantaged in the U.S. due to race and gender.

Policies that address these concerns could assist in not only building a more equitable system of care but have the potential to aid in averting future crises like that which the care economy finds itself in today.

 

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