In Washington, D.C., President Joe Biden will deliver a speech on the care economy. The care economy refers to tasks that involve taking care of others, such as children and the elderly, as reported by the World Economic Forum. Women are the primary caregivers, who often perform these duties without pay or recognition.
Despite being an essential sector with an estimated 150 million jobs projected to be added by 2030, according to the Wilson Center, women worldwide have suffered significant job losses during the COVID-19 pandemic. This has resulted in over 64 million women losing their jobs and over $800 billion in lost income in just one year, according to the same source.
The care economy is critical because it enables all other types of work to be possible. Therefore, it is crucial that we address disparities in its distribution and ensure that all care workers receive fair compensation and recognition for their hard work.
