Developing Policies for Working Retail Families
- By [ Hana Greenberg ]
- 02/14/2022
Ben highlighted underlying population economics trends – such as long declining birthrates and immigration inflows – and a mass exodus of Baby Boomers out of the workforce in the wake of COVID-19 are colliding into a likely long-lasting worker shortage. In addition, the strong financial status of many Americans have likely disincentivized individuals to reenter the workforce.[1] These dynamics, along with cascading and often chaotic school and child-care closures throughout the pandemic, are causing policy makers of across the ideological spectrum to rethink the role of safety net policies to promote working families and workforce participation alike.
One interesting dynamic in this early debate over what safety net policies is that the left-right divide is has not hardened like so many debates in Washington. There are still liberal and conservative supporters and opponents alike of childcare subsidies, just as there are liberal and conservative arguments on both sides of the Child Tax Credit debate.
As we continue to move away from the pandemic, the debate around the role of government and business in securing the social safety net will continue. For this reason, RILA is developing messaging and policies to collaborate with lawmakers on approaches that support families and encourage work.
[1] https://www.jpmorganchase.com/institute/research/household-income-spending/household-finances-pulse-cash-balances-during-COVID-19
Tags
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Tax
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Workforce
