By now, you’ve probably seen the headlines about President Obama proposing to cut down summer breaks in favor of more time in school, as well as extending hours and opening schools on weekends. And while inevitable moans, tears and tantrums may ensue from your backpack-carrying bunch, the effects could prove monumental—both to you and your tot.

Kids love summer vacation, but three months away from the classroom can be a scheduling nightmare for a busy parent. Instead of stressing over lining up and paying for after-school care, you might feel more at ease knowing your children are safe at school. But there are, of course, downsides. The cost would be extreme, especially in an economy that’s drowning in a swamp of debt, unable to adequately pay educators for their current hours. And we know exactly who will be footing the bill—you.

How do you feel about your youngsters spending longer hours in school on top of a longer academic year? Would you rather pay more tax money for extra school hours or are you content with your current arrangements?

A performance by the world-renowned hoofers of Alvin Ailey dance troupe is must-see theater for a city kid. And thanks to the culture-savvy folks at Target, your family can cross the experience off your to-do list for less money than you’d expect.

December 3 is Target 20 Night, a celebration of 20 years of artistic direction by choreographing diva and Emmy award winner Judith Jamison. For one evening only, all seats in the house will be $20 each (normally $25–$135). The program will include a short film tribute to Jamison, an excerpt from Divining (her first piece for Ailey), and the full-length Revelations, her signature spectacular.

One catch: You can only get the tickets on Saturday October 3 in person at the box office (131 W 55th St between Sixth and Seventh Aves) beginning at 9am. But don’t worry: Your kids won’t mind standing on line with you. A number of free activities—including a visit from the Treats Truck, chair massages, music and other surprises—should keep everyone in a good mood. So turn off So You Think You Can Dance and quick-step on over there.

What better way to celebrate the recession than to book a $3,595-a-night Eloise-themed suite at the Plaza Hotel? The signature pink-and-black suite, designed by the wacky fashion designer and Eloise look-alike Betsey Johnson, will honor the beloved kid lit character.  The original 1955 book by author Kay Thompson and illustrator Hilary Knight, has spawned a slew of sequels like Eloise in Paris, a TV series and even movies. Now the precocious gal returns to her upscale roots at the newly renovated Plaza. Let it be known that the hefty price tag includes the Live Like Eloise Slumber Party Package, which covers up to six little kids and includes a plethora of Eloise books, DVDs, super sundaes from in-room dining and—get this—Eloise postcards with complimentary postage. For those of you less inclined to dip into the college savings, there’s a “bargain” option: for a mere $895 you can live like Eloise, you just can’t invite your friends.

To book a room, visit fairmont.com.

When you descend the staircase to the platforms at Columbus Circle, you may think you’ve fallen into an alternate Candy Land-like universe. Nope, this isn’t Oz. You’re staring at “Whirls and Twirls (MTA),” a mammoth tile installation designed by the late Sol LeWitt, which splatters vibrant colors onto the station’s belly. Sadly, on the day I visited, most riders didn’t seem to notice. I spied a group of tourists staring at it, then realized they weren’t marveling at the bright wall at all; they were trying to figure out the subway signs. But while many preoccupied commuters may be too busy with their BlackBerries to take in the spectacle, kids will definitely spot it. I watched as a grade-schooler stood mesmerized by the snaking, porcelain tiles as his grandmother desperately tried to yank him away to the Bronx-bound train. Pint-sized passengers certainly seem to respond to the fantastical piece. They’re not just taking a subway ride; they’re getting to go over the rainbow.