By Kristen Magers
Today is Equal Pay Day, marking how far into the next year women must work, on average, to earn the same amount as men did the year before. The current wage gap rests at an average of 77 cents. That is, for every dollar a man makes, a woman makes on average 77 cents. The wage gap has been closing, it has decreased from the 59 cents to the dollar that it was in 1970, but there is still a lot of progress to be made.
The wage gap per dollar is twenty-three cents, which seems like a relatively low number. That’s less than a quarter, right? But that twenty-three cents can really add up over a woman’s lifetime. On average, a woman is missing out on anywhere from $700,000 to $2,000,000 dollars. The loss is greater depending on the level of degree the woman has. Women with just high school diplomas lose around the $700,000 level while women with professional degrees are more likely to be the ones missing out on $2,000,000. Women with four-year degrees are in the middle and usually average at about $1,200,000.
For some perspective, what could this money buy for women?
A standard MacBook Pro costs $1,200. $700,000 could buy 583 MacBooks while $2,000,000 could buy 1,666.
If a brand new car costs $14,000, then $700,000 could buy 50 cars while $2,000,000 could buy 42.
A 72 pack of toilet paper costs around $16. $700,000 could buy 43, 750 packs of toilet paper while $2,000,000 could buy 125,000.
These numbers are shocking and women everywhere should be outraged and demand to know why they are not making as much as their male counterparts. For more information on Equal Pay Day and why women are held back from making as much as men, come to the Brown Bag Lunch and Learn this Thursday April 14, at noon!