https://link.springer.com/article/10.1007/s11150-026-09861-1
https://www.economicsobservatory.com/baby-bust
Estimates are that in France and Poland pro-natalist policies have cost around from $1m-2m per extra birth. This is completely unsustainable.
None of which means we shouldn't support families having children, of course we should for all sorts of reasons. It improves health and education outcomes for children, reduces child poverty, and gives women greater autonomy in their choice between work and home life, and overall seems to increase their participation rate in employment.
I think realizing this and taking it into account in family support policies can help us achieve actually achievable outcomes, while avoiding sinking money into unachievable ones.