Today, Equal Pay Day, marks the day when women workers close the 2014 pay gap, and that wage gap is huge. Women, on average, earn 78 cents on the dollar compared to men’s wages and that adds up to more than $10,800 a year and more than $400,000 over a career.
Income inequality became a hot topic of economic conversation in 2014, and publications like The Atlantic have taken notice. In 17 Things We Learned About Income Inequality in 2014, the authors explore the growth of low-income jobs, stagnant wages for families and shrinking wages for younger workers, the racial and gender wage gap, taxes and the dwindling middle class.
Women make up the majority of tipped and minimum wage workers. Child care costs are a huge barrier for families, and retail hours and scheduling make it difficult for working parents to make enough to survive. Women still earn less on the dollar than their male counterparts. More than four in 10 private-sector workers—and more than 80% of low-wage workers—do not have paid sick days. What century are we in?
Most Republican lawmakers say they believe in fair and equal pay for women. But a day after Equal Pay Day, when Republican senators had a chance to vote for a bill that would have gone a long way to achieving that goal, not a single one cast a vote to just allow debate on the Paycheck Fairness Act, let alone pass it.
Women have to work more than three extra months to earn what men earn in a year because, on average, they make 77 cents on the dollar compared to men’s earnings. Today, Equal Pay Day, marks the day women workers close the 2013 pay gap.
In a move to boost wage equality and help close the wage gap between men and women (about 23 cents on the dollar), President Barack Obama will issue an executive order tomorrow that will apply some provisions of the Paycheck Fairness Act to federal contractors. The order, according to news reports, will be signed at a White House ceremony marking Equal Pay Day, which signifies how far a woman must work into 2014 to earn the same as a man did in 2013 alone.
Of all developed nations in the world, the United States has the most unequal distribution of income...and it's getting worse. Tomorrow, you can find out why and what we can do to change this when “Inequality for All,” a new documentary by former Secretary of Labor Robert Reich, opens in select theaters across the country.
Last summer, a respected policy expert from the Brookings Institution spoke at a large meeting. He introduced himself, saying that he works with a lot of brilliant economists who can't understand why the recovery is so slow.
Nobel laureate economist Paul Krugman has an explanation,"...corporations use their growing monopoly power to raise prices without passing the gains on to their employees."