Study: Global Economy Suffering Because Women Are Too Busy Raising Families

Ladies, put down the babies and get a real job! You're cheating the world out of $28 trillion dollars!

According to the economic think tank McKinsey Global Institute, the world economy is losing out on increasing the global GDP by trillions of dollars because of gender inequality. That's fancy-speak for too many women sitting at home raising a family while their gender-privileged husbands work to bring home the bacon.

But of course giving that title to a study doesn't sound as PC as the title they settled on: "The power of parity: How advancing women's equality can add $12 trillion to global growth."

If a progressive utopia existed where men and women participated equally in the global work force, this study indicates that at least $12 trillion could be added to the global GDP with a "full-potential scenario" of $28 trillion reachable by 2025 if gender inequality could be eradicated. 

"We would call it an opportunity cost. This is the value at stake,” says one of the study's authors, Anu Madgavkar.

It's a vast study, one of the largest to date on the subject, and the full report is 145 pages long. And though the institute looked at many variables for this perceived global problem, one in particular catches the conservative eye.

Madgavkar calls it unpaid work. The rest of us call it raising a family. It's a category 75% of women around the world are responsible for, mostly by lifestyle choice, and includes household chores and caring for other family members. But because women are unfairly expected to take on this responsibility alone, they are held back from fully participating in the global economy. 

The study puts that into numbers and it looks like this: If women around the world were actually paid for raising a family and household chores, the global economy would grow by $10 trillion. In America alone, that would be $1.5 trillion worth of "unpaid work."

And so to help this gender disparity, Madgavkar and others at the McKinsey Institute offer up several solutions:

  • Convert unpaid care work into actual jobs
  • Provide state-funded childcare services so that more females can enter the work force
  • Encourage men to increase their share in the duties of unpaid work, thereby fostering a more progressive social attitude regarding the role of women

The study concludes warning that none of this economic growth will be achievable "unless gender equality in society is addressed." And the means by which solutions are provided is suggested to be "the natural responsibility of the government."

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