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Women’s Retirement Costs US Economy $ 650 Billion: Report

In general, time means progress. But over the past two decades the employment rate of women between the ages of 25 and 54 in the United States has declined. after a new analysis – leave $ 650 billion on the table every year.

“I keep hearing from working mothers who can’t even go to an interview because they can’t find affordable childcare, who have had to choose between a career and time with their newborn, or who have lost their job because they had to look after a critically ill family member – and me knows this care crisis is worse for women of color, ”Senator Patty Murray (D-Wash.), chairwoman of the Senate Committee on Health, Education, Labor, and Pensions (HELP) said in a press release.

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The ongoing coronavirus pandemic has only exacerbated existing inequalities in the United States, one of the few large “developed” nations without paid parental leave. Without an existing nursing trade, these tasks fall disproportionately on women, which means that many of them are forced out of working life.

Now it is costing the US economy. Analysis of the National Partnership for Women and Families found that GDP losses were up $ 97 billion since last February due to the decline in the labor force participation rate of women since the beginning of the pandemic.

“Our lack of care policies harms women, families and, as this report makes clear, our economy. It’s simple: if women don’t succeed, our economy doesn’t succeed – and that is unacceptable. We have a historic opportunity to help keep our economy working for every family by providing paid vacation and making childcare affordable – and I am determined to make that happen, “Murray said in the press release.

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