"Working" is a pretty generous description of a policy that, at a cost of 3-4% of GDP, has raised the fertility rate from its low of 1.23 in 2011 to about 1.55 today. That 1.5ish TFR is pretty stable, too: there's been almost no improvement since 2016.
No country has figured this out, and if getting to (just!) replacement rate requires healthcare-like expenditures as a % of GDP, it is genuinely unclear to me how we do that on a global scale.
It's pretty clear theyre going to drop below their 2011 baseline soon. In other words, 5% of GDP into pronatal policies and transfers will have at best delayed the inevitable drop by a couple years.
No country has figured this out, and if getting to (just!) replacement rate requires healthcare-like expenditures as a % of GDP, it is genuinely unclear to me how we do that on a global scale.