Fully Unlock the Economic Potential of Women
Posted on Jan 18, 2011 by JRF
Joint Economic Committee Chairwoman Carolyn Maloney
As a scholarship provider for low-income women 35 and older, we hear so many inspiring stories from our scholars. Women who overcame numerous obstacles and juggled countless responsibilities to earn their degrees are now financially stable and helping others achieve their goals, too.
In 1970, women received only 40% of bachelor’s degrees, now it’s almost 60% in the U.S. Not only that, women make up just under half of the total employees working for Fortune 500 companies.
Hidden behind these facts, however, are some statistics that seem like they should be dated decades ago. The Joint Economic Committee did a study that revealed that at the same Fortune 500 companies women only account for 15.7% of the board seats and 2.4% of chief executives. Not surprisingly then, women are still earning less than their male counterparts, 20 – 25% less, with women age 50+ experiencing the largest discrepancies in pay. Another alarming statistic that the JEC found is that women are penalized 2.5% of pay per child, while fathers see nearly the same amount in additional earnings. Over a career that could cost a hard working lady $430,000!
Women have been pushing past barriers to pursue education, but there are still inconsistencies when it comes to pay. JEC Chairwoman Carolyn Maloney agrees, “We still have a ways to go to eliminate the pay gap and to achieve true economic equality. To really rev up the U.S. engine of economic growth, we need to finally and fully unlock the economic potential of women.”
Some suggestions on how to make economic improvements include:
• A fair pay bill
• More work on health care reform
• Financial regulatory reform laws
To learn more, check out this article from The Hill or review the full PDF report from the JEC here.
Tagged: pay gap, jec, scholarship provider, education
