financial crisis

May 22, 2009 posted by admin

April 28, 2009 posted by Kyla Bender-Baird I post this today, in honor of Fair Pay Day, with a sense of both frustration and hope. I’m frustrated that three decades have gone by after the passage of the Equal Pay Act and we still don’t have pay equity. I’m frustrated that what progress we’ve made has been achingly slow and small. According to the National Committee on Pay Equity, the wage gap has closed by less than half of one cent per year since the Equal Pay Act of 1963. At the current rate of progress, it will take 50 years to close the wage gap. This is simply intolerable. It is unacceptable that after decades of feminist lobbying, women continue to earn only 78 cents for every man’s dollar. In some occupations, the gap is even wider. Among finance and insurance occupations, women earn 55.2 cents on the dollar and the wage gap among physician surgeons is 63.5%. Even as I write this, I’m struck by Michael Kimmel’s recent comment at a panel I attended , questioning why we discuss women’s wages as a function of men’s wages. Why not make male privilege and the gendered dynamics of the economy more visible by reversing the equation? Men make $1.28 for every woman’s dollar. Despite this frustration, however, I remain optimistic. This optimism springs from an unlikely source: the economic downturn.

April 17, 2009 posted by Shyama Venkateswar The Gender Policy Group at Columbia University’s School for International and Public Affairs organized a lively panel discussion on “Gender, Jobs and This Recession” on Monday, April 13, 2009. I was invited to speak on the panel along with Sylvia Ann Hewlett, Melinda Wolfe, Subha Barry and Heidi Brown. Here are the main points that I addressed: The current economic crisis is unprecedented in terms of its global reach and impact; here’s what the current economic crisis looks like within the United States.

• The Bureau of Labor Statistics reports that current unemployment stands at 13.2 million.
• 5.1 million jobs have been lost since December 2007.
• The subprime lending crisis has particularly hit hard women and people of color because of predatory lending practices. NCRW’s research has shown that African American and Latina women borrowers are most likely to receive sub-prime loans at every income level. Women are 32% more likely than men to receive subprime mortgages.
• In the financial sector, men’s unemployment in Feb was 6.9% while for women it was 6.6%
• There have been increased reports of women who were secondary breadwinners in their households having to now become primary wage earner because of layoffs.

At the international level, the picture remains pretty grim as well:

April 3, 2009 posted by Kyla Bender-Baird Last night I attended a dynamic panel hosted by Legal Momentum on Women’s Economic Equality: The Next Frontier in Women’s Rights.  The brilliant panelists duked it out, discussing the current economic situation, its impact on women, and in what directions we should be heading.  Legal Momentum President, Irasema Garza, discussed the frustration that while historic legal victories were secured decades ago, this hasn’t translated into systematic equality for the majority of women in the U.S.  Women continue to be steered away from training opportunities, segregated into low-wage jobs, and are 42% more likely to be poor than men. In the midst of this stalemate came a ray of sunshine: the election of Obama.  With this historic election comes the opportunity to set new goals, reframe old debates, and shift the focus of our advocacy.  In this light, Legal Momentum is calling for a Second Bill of Rights for Women.  The bill must provide pathways to employment for women through job training and education; secure rights and supports to ensure women earn a living wage; ensure that public benefits provide an adequate safety net; and expand legal rights and support services for survivors of domestic violence. Heather Boushey brought her economic expertise from the Center for American Progress and laid out the current stark reality:

April 1, 2009 posted by Deborah Siegel Deborah Siegel is the author of Sisterhood, Interrupted: From Radical Women to Grrls Gone Wild, creator of the group blog Girl w/Pen and a long-time friend of the Council.  The following was originally posted on Recession Wire as Deborah's latest installment of her weekly column, Love in the Time of Layoff. Those who read this column know that I’ve been writing very personally about how the downturn has affected my relationship. In all honesty, I’m starting to fear that by focusing on what’s happening inside relationships, we may be losing sight of larger contexts—what could and should be happening in the structures that govern our lives. The personal is political, after all! Whoever invented the notion that a wife who earns less than her husband has a career that is, by definition, “expendable”? The ubiquity of this sentence—“she has an expendable career”—was brought home to me once again when I read Diane Clehane’s “Recession Marriage Wars” in yesterday’s Daily Beast. Clehane poignantly shares her frustration that for her, and for many working mothers she knows, “The recession means wives are under pressure from their husbands who tell them a sitter is now a luxury they can’t afford.” These are working mothers, mind you—women who have defined themselves by their careers for most of their lives and who know that being a good mom and having a great career are not mutually exclusive. As someone with big hopes of starting a family, and as a feminist, I’m thinking government-funded or employer-subsidized childcare is sounding like a pretty darn good idea right about now.

March 26, 2009 posted by Kyla Bender-Baird And that was BEFORE the recession hit! This week, I attended an amazing presentation by the Community Service Society and the New York Women’s Foundation, “Raising the Voice of Low-Income Women.” The Community Service Society (CSS) presented its 2009 findings for their annual Unheard Third Survey. According to CSS, "the Unheard Third tracks the concerns and hardships of New York City’s low-income residents and their views on what programs and policies would help them get ahead.”  What they found is quite distressing:

54% of low-income mothers in New York City faced 3 or more hardships in 2008.

Hardships include economic (losing a job), food (skipping meals), health (postponing necessary medical care), and housing (falling behind on rent or mortgage payments). Again, this is before the recession really took hold (CSS collected the data in summer 2008).  We can only speculate what next year’s Unheard Third Survey will find.  Between 2007 and 2008, CSS recorded a dramatic increase in hardships among working moms, especially economic and health hardships.

March 2, 2009 posted by admin 

It is undeniable that we are facing tough economic times.  In January, the unemployment rate registered 7.6% with 11.6 million people lacking jobs.  An additional 7.8 million people are deemed underemployed, that is, working part-time because they cannot find full-time jobs.  And prospects are dimming. According to the Economic Policy Institute , finding a job today is twice as hard as it was when the recession started a year ago.  With the passage of the American Recovery and Reinvestment Act [ARRA], however, there is some room for hope. Many of our network members are doing excellent work on the stimulus plan.  The Ms. Foundation held a conference call to discuss the legislative package and how to secure more jobs for women.  The National Women’s Law Center is analyzing the stimulus process and how it affects women and families. Check out their latest breakdown.   In examining the bill, we were particularly struck with provisions regarding small businesses, healthcare, education and, especially, job creation.  Naturally, we had some questions, for example, what other areas are critical for stimulating growth and supporting women and girls, their families and communities? To find the answers, we turned to our experts:

February 27, 2009 posted by admin The best thing we can do for women and their families is to get people back to work. We’ve seen 3.6 million jobs disappear over the past year and millions more have seen their hours cut back. The recession is turning out to be deeper and more protracted than many had predicted even a few months ago. The American Recovery and Reinvestment Act was a down payment on creating jobs in the months to come and laying the foundation for long-term economic growth. The Council of Economic Advisors estimates that the recovery package will save or create 3.5 million jobs and that about four in ten of these jobs will go to women workers. In particular, the recovery package will help states avoid some cutbacks, which takes some women’s jobs out of jeopardy since women make up the majority of state and local government workers. But, most importantly, the recovery package will get the economy back on track, which benefits all kinds of families. The recession – so far – is leading to higher unemployment among men than women: as of December 2008, the latest data available by gender, men account for four out of every five jobs lost since the recession began in December 2007. This means that in millions of U.S. households, it is a woman who is supporting the family. This means that families will have to rely increasingly on women’s earnings, which are typically lower than men’s and are less likely to come with health insurance. Now is the time to insist that every woman earns a fair day’s pay. 

February 25, 2009 posted by admin From Legal Momentum’s perspective, the American Recovery and Reinvestment Act will do a great deal of good for women and families in the crisis. While we applaud a number of provisions in the bill, we are very concerned that yet more must be done to guarantee that women, and low-income women in particular, have access to good jobs on the one hand, and on the other, that our national safety net is strong enough to protect those who find themselves out of work and out of resources. In terms of jobs, women can take some comfort in ARRA’s provisions to shore up jobs in the traditionally women-dominated fields of health care, child care and education. However, many of the women employed in these industries are barely scraping by in low-wage jobs as home health care and child care providers. While these jobs offer a paycheck, they do not translate into economic security. Like the millions of other women who comprise the majority of the nation’s low-wage workforce, these women need access to jobs that will raise them out of poverty and offer a path to stability and prosperity.

February 11, 2009 posted by admin According to a recent report by the Inter-Parliamentary Union, the United States ranks 69th in the world in female representation in our national legislature (just below Tajikistan and Uzbekistan, which tied for 68th). And the situation isn’t improving quickly; it’s been estimated that if we continue adding women in Congress at the current rate, we will reach parity in about 500 years. Women are grossly underrepresented not only in politics but in business; while we make up 51.3% of the population, but we account for only 15.7% of Fortune 500 corporate officers and 2% of Fortune 500 CEOs. This is not only a flagrant waste of brainpower, it’s dangerous; a number of people have made the observation that a higher proportion of women on Wall Street might well have prevented the economic meltdown we’re all suffering from. In other words, we have a leadership problem in this country,