This year marks the 50th anniversary of President John F. Kennedy’s signing of the Equal Pay Act of 1963. This landmark piece of legislation was one of the very first to address gender-based pay disparities. Yet even then noted,”Much remains to be done to achieve full equality of economic opportunity…”
On the fiftieth anniversary, I can’t help but think about the impact this law has had for generations of women after its passage. We have made a great deal of progress but still, “Much remains to be done…” On average, women today earn a mere 77 cents for every dollar that men earn. The numbers are even more dismal for women of color. African-American women are paid only 64 cents and Latinas only 55 cents as compared to white men.
Why is this problem such a challenge?
One reason is a delay in choosing to pursue greater educational opportunities for the sake of family. Fortunately for humanity, that privilege is reserved for the more compassionate and nurturing gender! While many single moms successfully manage household, family and career, I can’t imagine tackling even 2 out of 3 without several martinis and a lot of vacation time!
It’s true that women professionals have long enjoyed success in certain higher paying careers, but the scope has been narrow. Thankfully, those areas of opportunity are now increasing exponentially. Today there are not just a growing number of women doctors & attorneys, but MBAs, scientists and engineers! This is a direct result of focus on the funding of post-graduate education!
For years, women in executive positions were the exception not the rule. Today the trail is being blazed every day by swarms of competent and confident women. Our executive offices and boardrooms are just now beginning to enjoy the wisdom, insight and perspective of diversity in gender. I can already see a future of greater success in our corporations and further economic growth!
The world is still waking up to a new dawn of possibilities! In stores, offices and boardrooms across America millions of women are still being paid less than men doing the same job. These women are our sisters, daughters, wives and friends. So what can we do to help?
Ask your members of Congress to co-sponsor the Paycheck Fairness Act. The Paycheck Fairness Act will help end the wage gap, and make sure women get equal pay for equal work. It is time to be part of the solution! Take action today!
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The author of this blog, Steven M DiGregorio is President of Compass Asset Management Group, LLC and an Investment Advisor Representative with Spire Wealth Management, LLC.
Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliate, Spire Securities, LLC. Member FINRA/SIPC.