America’s ‘unworkable’ child care system is failing families, Treasury Department says

America’s ‘unworkable’ child care system is failing families, Treasury Department says

The Treasury Department has determined that the nation's child care system is "unworkable," saying it is plagued by market failures that put quality care out of reach for many families. In a report to be released Wednesday, Treasury details the struggle many parents face to afford child care, especially as bills pile up before their peak earning years. At the same time, Treasury found that many industry workers are paid low wages, suffer high turnover and face discrimination. Treasury is making the case for federal government support for paid family leave, universal preschool, and significant tax credits for parents and dependent care as Democrats in Congress are working to write a social-spending bill that could total $3.5 trillion. Treasury Secretary Janet Yellen and Vice President Kamala Harris will highlight those initiatives during a joint speech Wednesday afternoon at the department. Individual families should not bear the sole responsibility of financing quality care that benefits the economy more broadly, Treasury argues in the report – adding that the system is failing to "adequately serve many families." Read more of CNBC's politics coverage: "This is not just happenstance – sound economic principles explain why relying on private money to provide child care