Recent events--the Senate filibuster of the Lilly Ledbetter Fair Pay Act and the first-ever women's business conference in Saudi Arabia--has me pondering how far we have come and far we still have to go in recognizing the power of women on a global scale.
I won't debate the pros or cons of the Ledbetter act here. But the proposed act, which would extend the period of time a person has to sue for pay discrimination, reminded me once again of the gap between the salaries of men and women. The gap--a woman makes 77 cents for every $1 a man makes in the U.S.--remains a critical issue and not only for female employees and the companies for which they work.
It's also a critical issue for the American economy, which depends so heavily on consumers.
Consider if women, the most world's important consumers, had that extra money in their purses? How would they spend it? It might go toward a down payment on a house. It might help buy a new car or help kick start a remodeling project on a home. It is quite possible that women would save or invest those extra funds. Women tend to invest less in retirement accounts than men. Is that because they have less cushion every two weeks when their paychecks arrive?
Continue reading "Closing the Gap" »
