Child poverty is way too expensive to continue. Every year we keep 14.7 million children in poverty costs our nation $500 billion – six times more than the $77 billion investment we propose to reduce child poverty by 60 percent. MIT Nobel Laureate economist and 2014 Presidential Medal of Freedom recipient Dr. Robert Solow in his foreword to a 1994 CDF report Wasting America’s Future presciently wrote: “For many years Americans have allowed child poverty levels to remain astonishingly high … far higher than one would think a rich and ethical society would tolerate. The justification, when one is offered at all, has often been that action is expensive: ‘We have more will than wallet.’ I suspect that in fact our wallets exceed our will, but in any event this concern for the drain on our resources completely misses the other side of the equation: Inaction has its costs too … As an economist I believe that good things are worth paying for; and that even if curing children’s poverty were expensive, it would be hard to think of a better use in the world for money. If society cares about children, it should be willing to spend money on them.”
It makes no economic sense to continue to spend on average three times more per prisoner than per public school pupil and continue to build a massive prison industrial complex that has become the new American apartheid. And it is profoundly unjust to continue making budget cuts in safety net programs to feed and house the poor and not provide an opportunity and decent wages for parents who work while increasing wealth and income inequality fueled by hundreds of billions of dollars of tax breaks for the top one percent from many tax loopholes described in the report.
Not only does child poverty cost far more than eliminating it would, we have so many better choices that reflect more just values as well as economic savings. We believe that food, shelter, quality early childhood investments to get every child ready for school and an equitable education for all children should take precedence over massive welfare for the rich and blatantly excessive spending for military weapons that often do not work. If we built 485 fewer of the planned 2,500 F-35s that still don’t work reliably and are over budget we could fund the $77 billion required to lift 60 percent of our children from poverty now as their minds and bodies are developing.