Each Administration argues that their economic policies will benefit Americans, leading to greater economic opportunity and prosperity. While it often takes time for new policies to take effect and influence the economy, after more than six years under President Obama, we can fairly assess how Americans are faring under this Administration’s economic policies.
Sadly, the evidence suggests that on many important measures, women’s economic prospects and financial situation have not meaningfully improved, and indeed have gotten worse in important ways. Although the unemployment rate for women is lower today than it was at the height of the financial crisis, the share of women participating in the labor force has fallen to the lowest level since 1988. For every woman who has gotten a job during this Administration, two women have exited the labor force entirely. This suggests that the economy is simply not producing the kind of job opportunities that American women want and need.
Many of those who have jobs are frustrated that it remains difficult to move up the economic ladder. Wages for women workers have stagnated during the last six years, and average household incomes have fallen. Poverty remains a persistent problem, with the poverty rate still well above pre-recession levels.
This economic record is particularly concerning given that the Administration has massively increased the size and scope of government in the name of improving our economic condition. Sadly, although federal debt has increased by more than $6 trillion, our economy is still failing to create the opportunities that Americans need. Given this record, we need to reform our economic policies with a focus on facilitating job creation so that more Americans can find work and better pay.