A comprehensive report released last Thursday by the Center for American Progress (CAP) offers a sobering prognosis: If current trends persist, women in full-time, year-round employment will only reach pay parity with men in 2056. This projection, based on trends observed since 1967, underscores a pervasive issue that has plagued our society for decades — gender wage disparity.
As we approach the 60-year anniversary of the seminal 1963 Equal Pay Act, the CAP, a prominent think tank based in Washington, D.C., has released an extensive analysis tracking wage and employment trends since the Act’s passage. This historic legislation aimed to protect workers from sex-based wage discrimination. However, while strides have been made, this new report highlights how much ground still needs to be covered.
In 1963, women working full-time year-round earned a meager 59 cents to a man’s dollar. Considering all working women in that year, even those with fewer working hours or weeks, the figure dipped further to 37 cents to a man’s dollar.
Over the years, the gender wage gap has gradually narrowed. CAP attributes this reduction to the enactment of the Equal Pay Act and subsequent legislation that built upon its policies. However, the road to wage equality is far from over. In 2021, women in full-time, year-round employment earned 84 cents to a man’s dollar, while all working women earned 77 cents to a man’s dollar. This discrepancy is particularly pronounced for Black and Latina women, who face an even greater wage gap.
Drawing on the earliest available census data from 1967, the CAP’s in-depth analysis forecasts a long march toward pay equality. The study suggests that full-time, year-round working women will only earn as much as men in 2056, while all working women will reach pay parity by 2052. The road to equality is expected to be even more prolonged for women of color.
The gender pay gap carries an enormous financial cost. The cumulative loss to women due to wage disparity since 1967 is an astronomical $61 trillion, according to the CAP’s analysis.
While various complex factors contribute to the gender wage gap, the CAP believes that the introduction of specific policies could accelerate the closing of the gap. Suggestions include the implementation of higher minimum wages, provision of paid family medical leave, and enhancement of postsecondary education opportunities for women, among other things.
CAP’s report underscores a stark reality: “Despite substantive progress, the 60-year anniversary of the Equal Pay Act is an important reminder that pay equity is not a foregone conclusion — nor is its path necessarily linear — but that significant progress can occur with the intentional actions of policymakers.”
Therefore, as we commemorate the milestone Equal Pay Act, let us recommit to the ongoing fight for pay equity. Let’s remember the cost of complacency — the $61 trillion that women could have contributed to their own lives, families, and economies. Most importantly, let’s remember that progress is possible, but it requires not just time, but targeted, intentional actions.
