As the the United States approaches the 60th anniversary of the Equal Pay Act, new analysis reveals that women are still unlikely to reach true pay equity until 2056.
According to a report from the Center for American Progress, the gender pay gap has cost women $61 trillion since 1967. In 1963, when the Equal Pay Act was signed into law, women working full time, year-round earned 59 cents for every dollar men earned. When comparing all workers, regardless of hours worked, women earned only 37 cents to a man's dollar.
In 2021,women working full-time, year-round earned 84 cents compared to their male counterparts, with all women regardless of hours averaging 77 cents to a man's dollar. At this rate, CAP estimates that women working full-time will not achieve pay equity until 2056, with all working women achieving equal pay in 2052.
The report highlights that this trend is worse for Black and Latina women, noting that the "overall gender wage gap masks the economic reality of many women of color." Latina and Black women working full time, year-round earned 57 cents and 67 cents for every dollar earned by their White, non-Hispanic male counterparts. All working Latina and Black women earned 54 cents and 64 cents for a man's dollar.
Women's lower earning rates are not reflective of their education levels. In fact, the report notes that "women surpassed men’s educational attainment rates in the late 2010s."
While measures such as the Title IX education amendments and the Pregnancy Discrimination Act of 1978 have also benefitted women both in schools and at work, the study concludes that national and local leaders still must pursue measures ensuring equal compensation for women, including the Paycheck Fairness Act.
"Women and their families cannot afford another 30 years of suffering the negative economic consequences of the wage gap, and even this rate of progress is not necessarily guaranteed — particularly without any structural change," it reads. "In order to finally close the gender wage gap, policymakers must do more to boost the economic security of women and their families."
