For some years now, a "child-centred social investment strategy" has been gaining influence in the German welfare state. In this context we are witnessing a social-investive turn within the policy for children and families and a significant increase in the importance of early childcare policy. Whereas the German federal government is emphasizing that this investive turn will produce pay-offs for the society's economy, as well as for the individual child, the analysis in this article is based on recent child-oriented critiques of the social investment approach and points out major risks for children inherent in current early childcare policy in Germany. (Contains 4 notes.)