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Illustration: Sarah Grillo/Axios

When schools close down, the whole economy suffers.

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.

How it works: Schools exist to educate children — but they also serve a vitally important child care function, looking after kids so that their parents can go to work.

  • Parents are losing work hours — or even quitting their jobs — as schools and day-care centers remain closed due to the COVID-19 pandemic. That hinders economic growth.

By the numbers: Working parents make up around a third of the U.S. workforce.

  • 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.

What they're saying: "This is a big drag on the economy," Modestino tells Axios. "Working parents are in every state, in every industry, and in every occupation. The macro implications are really, really big."

  • "Even if you’re lucky enough to have a teleworking situation, it’s really hard to work at full capacity when you’re essentially acting as a teaching assistant," adds Misty Heggeness, a visiting scholar at the Minneapolis Fed.

The bottom line: Schools are a key part of the engine driving the American economy. When they close, everybody suffers.

Go deeper

Nov 29, 2020 - Health

New York City to reopen public schools with weekly testing

New York Mayor Bill de Blasio in New York on Nov. 28. Photo: Kena Betancur/AFP via Getty Images

Some New York City schools will be allowed to reopen for in-person learning as early as Dec. 7, Mayor Bill de Blasio announced Sunday.

The state of play: De Blasio said schools will no longer be forced to shutter when the city hits a 3% COVID-19 test positivity rate, but he did not specify what the new threshold will be. The school district will mandate weekly tests for 20% of children in each school, and students will not be tested before they return.

Updated 22 mins ago - Sports

Olympics dashboard

🚨: Japan's Naomi Osaka lights Olympic cauldron; Photos

👻: How the no-spectator Olympics could affect the athletes

🇺🇸: "What an honor it is to watch you soar," first lady tells U.S. Olympians

🌏: Meet the underdogs from Latin America

🥇: The six new sports at Tokyo 2020

💉 About 100 U.S. Olympic athletes are unvaccinated

✍️ Axios at the Olympics: What it's like inside the opening ceremony

Go deeper: Full Axios coverage

Senate Democrats demand answers on FBI's Kavanaugh probe

Photographer: Andrew Harrer/Bloomberg via Getty Images

Senate Democrats are demanding that the FBI hand over "all records and communications" related to the FBI tip line set up to investigate Supreme Court Justice Brett Kavanaugh when he was a nominee in 2018.

Why it matters: The ask comes after the FBI revealed it received more than 4,500 tips about Kavanaugh when he was awaiting Senate confirmation amid sexual assault allegations. Only the most "relevant" of these tips were forwarded to the Trump White House.