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Child poverty increased dramatically during the COVID-19 pandemic. In 2020 alone, the number of children suffering from poverty in the EU increased by 19 percent, or close to 1 million. Left unaddressed, this would not only affect individuals’ life prospects and well-being but also have long-term economic implications. This paper argues that, to limit this potential scarring effect of the pandemic, policies should be deployed to reduce rapidly the number of children affected by poverty and mitigate the long-term impact of poverty. Reducing the number of children affected by poverty can be achieved by (i) labor policies and reforms that increase parental work and the labor income of poor parents and (ii) fiscal spending on family and children that can have a powerful and immediate impact. These policies need to be complemented by public investment in education and childcare, health, and housing to mitigate the long-term impact of child poverty.

Macroeconomics --- Economics: General --- Poverty and Homelessness --- Diseases: Contagious --- Social Services and Welfare --- Public Finance --- National Government Expenditures and Welfare Programs --- Health: Government Policy --- Regulation --- Public Health --- Returns to Education --- Measurement and Analysis of Poverty --- Government Policy --- Provision and Effects of Welfare Program --- Demographic Economics: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Job, Occupational, and Intergenerational Mobility --- Promotion --- Welfare, Well-Being, and Poverty: General --- Health Behavior --- Aggregate Factor Income Distribution --- Economic & financial crises & disasters --- Economics of specific sectors --- Poverty & precarity --- Infectious & contagious diseases --- Social welfare & social services --- Public finance & taxation --- Poverty --- COVID-19 --- Health --- Income --- National accounts --- Poverty reduction --- Social protection spending --- Expenditure --- Currency crises --- Informal sector --- Economics --- Communicable diseases --- Expenditures, Public

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This SDN studies the evolution of inequality across age groups leading up to and since the global financial crisis, as well as implications for fiscal and labor policies. Europe’s population is aging, child and youth poverty are rising, and income support systems are often better equipped to address old-age poverty than the challenges faced by poor children and/or unemployed youth today.

Aggregate Factor Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Aging --- Demography --- Economic Development: Human Resources --- Economics of the Elderly --- Economics of the Handicapped --- Employment --- Environmental Taxes and Subsidies --- Government Policy --- Human Development --- Income Distribution --- Income distribution --- Income economics --- Income inequality --- Income --- Intergenerational Income Distribution --- Labor --- Labour --- Macroeconomics --- Measurement and Analysis of Poverty --- Migration --- National accounts --- National Government Expenditures and Welfare Programs --- Non-labor Market Discrimination --- Personal income --- Personal Income, Wealth, and Their Distributions --- Population & demography --- Population aging --- Population and demographics --- Poverty & precarity --- Poverty and Homelessness --- Poverty --- Provision and Effects of Welfare Program --- Redistributive Effects --- Social Security and Public Pensions --- Taxation and Subsidies: Externalities --- Unemployment --- Unemployment: Models, Duration, Incidence, and Job Search --- Wages --- Welfare, Well-Being, and Poverty: General --- Czech Republic