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Unemployment Rates & Poverty
(March 23,2009) Last week we looked at Woman in the Workforce in terms of unemployment rate and pay equity.
The numbers tell us (see chart) that woman and men have very similiar unemploymnet numbers and that trend shifted in the early 80's when women's numbers dropped below mens and stayed there. There are exceptions when the a men's unemolyments rates moved above womans in
1991 - 1994
2002 - 2004
2008 - 2009
Each case occurred as there was the peak in a spike in the unemployment rates.
1991 - 1994 5% to 8%
2002 - 2004 4% to 6%
2008 - 2009 5% to 8%
What is the trend in closing the gap on unequal pay? Less than half a cent per year. At this rate equal pay will be reached in 2057. (Ouch!)
-
Year Women Men
1963 $0.59 $1.00
2005 $0.77 $1.00
2057 $1.00 $1.00
"If women received the same wages as men who work the same number of hours, have the same education and union status, are the same age, and live in the same region of the country, then these women's annual income would rise by $4,000 and poverty rates would be cut in half. Working families would gain an astounding $200 billion in family income annually."
National Organization for Women
We should put some money into the pockets of the working poor as the US considers an economic stimulus package. $200 billion to cut the poverty rate in half seems like a no brainer when it comes to spending money on America.
Keep in mind that "the bailout's cost has ballooned to $8.5 trillion, not counting the $5.2 trillion in Fannie and Freddie guarantees." (CBS News).
Colleen Gildea
colleen@interbiznet.com
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