Preschool policy is motivated by the notion that early childhood care and education increases school readiness, which, in turn, provides a foundation for lifelong advantages and greater success in adulthood. We question the degree to which this simple skill-building model is an effective framework for preschool policy: while investments in preschool education boost school readiness in the short run, some recent studies show that initial gains either quickly disappear or turn negative. Taking advantage of end-of-preschool gains requires considerable effort toward optimizing classroom learning experiences, integrating the learning goals of preschool and K–12 schooling, and pushing for new discoveries about early-life skills and capacities that preschools are uniquely positioned to target. Supporting parental employment and access to affordable childcare also benefit child development, so we argue that the preschool policy portfolio should include mechanisms that more broadly expand childcare access to support family capacities. (author abstract)