As most readers are aware, American society has changed. As a result of the overall income inequality in this country over the last 30-plus years, most couples are required to work full-time in order to make ends meet. Women have also spent decades fighting for that right to work on equal footing with men. Why is it, therefore, that when two people get married, pursue equal professional careers, and decide to raise children, it is the wife who is expected to sacrifice her career, take time away from the workforce and forego income and advancement? Who says this is the way it should be? For me, this is the main obstacle that women face in this country. This expectation that women are required to be the primary caregivers in our society is the root cause of gender income inequality. It is an expectation so prevalent among us that only the strongest of 21st Century women even question its fairness.
When a woman is expected to quit her job and raise children, several things occur. Her professional career is interrupted, sometimes for many years.
During those child-raising years, she did not contribute to social security a 401 (k) plan or IRA, failed to keep up with her competition (mostly male lawyers), and when she did get a job it was at a salary far below what she should have been making if she, instead of her husband, had raised the children.
But let's say you are one of the lucky ones with a happy marriage. Whether you like it or not, with the kids grown, you probably still need to go back to work to make ends meet in this economy. But the chances of getting more than the minimum wage job are slim at best. It explains why women represent more than 62 percent of minimum wage workers.
Many of these women are divorced, have children to support, or just as important, they are widowed. You might find it surprising to discover that over 75 percent of women in this country are widowed at an average age of 56. One in four of these women are broke within two months of being widowed, according to the National Center for Women and Retirement Research. More often than not, their only avenue of support is low paying jobs with no future.
So it appears that blaming women for the choices they make as an explanation for gender income inequality would be laughable if the present state of inequity were not so serious. The solution to this injustice goes far beyond raising the minimum wage, but at least it would be a step in the right direction.
Bill Schmick is registered as an investment advisor representative and portfolio manager with Berkshire Money Management.