Enabling Women to Work

Tom Barkin

Speech from Federal Reserve Bank of Richmond

Abstract: Getting more women into the workforce is our best opportunity to grow the workforce, which could offset an aging population and declining birthrates. While women’s labor force participation increased over the second half of the 20th century, it leveled off around 2000 and then began to decline. In recent years, the decline seemed to be reversing as the tightness of the labor market brought back women who’d been on the sidelines. But, women still faced barriers to labor force participation: the persistent gender wage gap, a disproportionate share of home and care responsibilities, and a lack of high-quality, affordable child care. The current crisis has brought these issues into sharp focus and we are already seeing negative effects on women’s participation in the workforce. We are also at risk of losing child care businesses, which could put even more pressure on working families. And the shift to virtual education could exacerbate the already large gap in educational attainment between children from high- and low-income families. Schools, child care and elder care are essential industries. We need to operate them safely, so families can have peace of mind that they can send their kids or parents without endangering their health. We need to operate them effectively, which includes providing broadband access for all students, so that if virtual learning becomes necessary, children are not at a disadvantage. And we need to operate them affordably. There are some silver linings from this crisis. Employers have never had more incentive to help solve these problems. Rapid advances in online education have solidified the case for expanding broadband access. And, while the high unemployment rate is very difficult for the people affected, displaced workers could be retrained for high-need industries such as elder care, child care and education. Though there is tremendous uncertainty, we can leverage this moment to address challenges that have been with us for decades.

Keywords: employment; and; labor; markets (search for similar items in EconPapers)
Date: 2020-09-14
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