09/04/2026
We keep treating the fertility crisis like a policy problem.
More leave. More childcare. More subsidies.
But what if the problem runs deeper than that?
A new Chicago Fed paper points to something much more uncomfortable: when women’s wages rise, fertility falls. When men’s wages rise, fertility rises.
The question isn’t just how to make motherhood cheaper. It’s whether we’ve built a culture that makes motherhood too costly in the first place.
Read the full piece, Money and Motherhood, on Substack.