The cost of closed schools

Why it matters: Beyond the stress of overwhelmed parents or the cabin fever of restless kids, closing schools for COVID-19 could cost about $700 billion in lost revenue and productivity, according to a Barron’s analysis — a whopping 3.5% of GDP…

13% of them lost their jobs or cut back hours due to child care challenges during the pandemic, according to a June survey conducted by Northeastern University. And even if parents can work and care for their kids at the same time, it’s impossible to be as productive.

On average, a working parent loses around eight hours a week — or a full workday — due to pandemic-era childcare responsibilities, per research by Alicia Modestino, an economist at Northeastern University.

That goes up to 10 hours per week when considering lower-income Americans or people of color. Both groups are disproportionately represented in essential, in-person jobs and can’t make up for lost time with early mornings or late nights.