The economic impact of the gender wage gap reaches beyond the 18 cents lost to men for every dollar earned by women. The far-reaching impact starts at home but ultimately affects the economic growth of the entire United States. According to www.fastcompany.com, in 2013, women were the main breadwinners in four out of 10 American households with children (Dishman, 2015). Today’s “breadwinners” are not only single mothers, they are married and either the main breadwinner or a co-breadwinner to support today’s American lifestyle. For most American families the days of the full-time, stay-at-home mom are long gone. An online financial website, www.cheatsheet.com, broke down a family’s largest expenses based on national averages to determine
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Simple math proves that less money in women’s and their family’s pockets means less money to spend on discretionary items. The Council of Economic Advisers reports that women contribute to $2.0 trillion dollars to the U.S. Economy. If the pay gap were cut in half the U.S. economy would be 5 percent larger by 2030. That 5 percent increase would create additional consumer demand and spending by households. Aside from the increase in disposable income to middle-class families, many women would rise above the poverty level, which reduces government spending on Medicaid and welfare (Democratic Staff Joint Economic Committee, 2016). Heidi Hartmann, president and founder of Institute for Women’s Policy Research, estimates that women make up approximately 70 percent of Medicaid recipients and 80 percent of welfare recipients. Hartmann believes that closing the wage gap would result in less reliance on federal assistance thus improving the overall U.S. economy (Bassett, …show more content…
· Men with an associate’s degree earned $51,112 compared to women with a bachelor’s degree earning $51,347, respectively. Several studies were conducted to see if gender wage inequality existed regardless of career choice. Experiment after experiment found that women were either less likely to be offered the job or if they were offered the job they were paid a lower salary in most cases
(The Wage Gap: The Who, How, Why, and What to Do, 2016). According to a 2015 report from the Council of Economic Advisors, identical resumes where only the name was changed to reflect either a male or female candidate and all other things being equal—education, experience, et cetera---that gender does indeed affect whether or not the candidate is hired, starting salary, and the employer’s overall assessment of applicant quality. The report went on to say that “studies find that women are perceived as less competent and likable than men” (United States, Council of Economic Advisers,
Simple math proves that less money in women’s and their family’s pockets means less money to spend on discretionary items. The Council of Economic Advisers reports that women contribute to $2.0 trillion dollars to the U.S. Economy. If the pay gap were cut in half the U.S. economy would be 5 percent larger by 2030. That 5 percent increase would create additional consumer demand and spending by households. Aside from the increase in disposable income to middle-class families, many women would rise above the poverty level, which reduces government spending on Medicaid and welfare (Democratic Staff Joint Economic Committee, 2016). Heidi Hartmann, president and founder of Institute for Women’s Policy Research, estimates that women make up approximately 70 percent of Medicaid recipients and 80 percent of welfare recipients. Hartmann believes that closing the wage gap would result in less reliance on federal assistance thus improving the overall U.S. economy (Bassett, …show more content…
· Men with an associate’s degree earned $51,112 compared to women with a bachelor’s degree earning $51,347, respectively. Several studies were conducted to see if gender wage inequality existed regardless of career choice. Experiment after experiment found that women were either less likely to be offered the job or if they were offered the job they were paid a lower salary in most cases
(The Wage Gap: The Who, How, Why, and What to Do, 2016). According to a 2015 report from the Council of Economic Advisors, identical resumes where only the name was changed to reflect either a male or female candidate and all other things being equal—education, experience, et cetera---that gender does indeed affect whether or not the candidate is hired, starting salary, and the employer’s overall assessment of applicant quality. The report went on to say that “studies find that women are perceived as less competent and likable than men” (United States, Council of Economic Advisers,