Will We Ever Close the Gender Pay Gap?
By 2020, the U.S. Treasury expects to replace Alexander Hamilton’s spot on the $10 bill with the face of an unidentified woman. But, as The Daily Show correspondent, Jessica Williams, highlighted during an episode of the Comedy Central news program, this gesture seems like an ineffective, and relatively pathetic, attempt to appease female critics. “Honestly, at the end of the day, I don’t [care] about who’s on the bill. What I do care about is getting an equal share of the bill. I’d rather have 10 full Hamilton dollars than $8.45 of lady bucks,” Williams noted.
But, as most understand, equal signs and dollar signs rarely align when it comes to median annual income across the country. According to one recent report by the American Association of University Women, the gender wage gap has made some strides over the last 40 years. In 1973, women made 57 cents for every man’s dollar, but as of 2013, women now make 78 cents for every man’s dollar.
While these figures illustrate significant progress, there’s still much to be done. As of 2013, male median income averaged $50,033 per year, while women earned only $39,157 per year. Younger women, ages 20-24, currently earn an average 90 cents for every man’s dollar, which also signals potential progress, but by age 35, median income growth slows considerably for female employees, as they earn only 75-80 cents for every man’s dollar until they reach retirement. Many cite educational and experiential differences as primary drivers behind such disparities, but even when both factors are comparable, the gap still persists. For women of color, these disparities are even worse.