Trapped in the Low Wage Cycle: A Shot at Building a Better Life

The Money with Katie Show

Money with Katie

Self-improvement, Education, Business, Investing, How To

4.8 • 1.3K Ratings

🗓️ 10 May 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

I’m so proud of the work the team did to develop and produce this episode. Typical personal finance advice works particularly well for people in a certain position (with good salaries, education, or inheritances), but it’s mostly useless if you’re not earning enough to make ends meet. To make matters more complex, the way some government assistance programs currently work can paradoxically make it harder to get ahead in the long term. Learn more about our sponsor, Vin Social: https://www.vinsocial.vip Learn more about our sponsor, Fidelity: https://fidelity.com/stocksbytheslice Learn more about The CFA Institute: https://www.cfainstitute.org/en/programs/cfa Transcripts can be found at podcast.moneywithkatie.com. — Mentioned in the Episode Oxfam America Study on the Low-Wage Workforce: https://www.brookings.edu/research/meet-the-low-wage-workforce/ Women’s workforce participation: https://www.brookings.edu/wp-content/uploads/2022/03/SP22_BPEA_Goldin_conf-draft.pdf 97% of US Child Care workers are women: https://finance.yahoo.com/news/child-care-challenges-women-workforce-131402101.html Center for American Progress on Childcare Deserts: https://childcaredeserts.org/2018/ Video Clip from Netflix series Maid: https://youtu.be/vM30cS-NZZU Julie’s Family Learning Program: https://www.juliesfamily.org/our-founding-history/ Multnomah County Preschool for All Program: https://www.multco.us/finance/multnomah-county-preschool-all-personal-income-tax# The Oregonian on the importance of attending pre kindergarten: https://www.oregonlive.com/education/2022/12/free-preschool-delayed-for-thousands-of-oregon-children-due-in-part-to-staffing-shortages.html Full Department of Treasury Report on Childcare: https://home.treasury.gov/system/files/136/The-Economics-of-Childcare-Supply-09-14-final.pdf — Follow Along at Money with Katie: https://moneywithkatie.com/ Watch on YouTube: https://www.youtube.com/@MoneywithKatie Follow Money with Katie! - Instagram: https://www.instagram.com/moneywithkatie/ - Twitter: https://twitter.com/moneywithkatie Subscribe to The Money with Katie Newsletter - Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2 Follow the Brew! - Instagram: https://www.instagram.com/morningbrew/ - Twitter: https://twitter.com/MorningBrew - TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome back to the Money with Katie Show, Rich Girls, and Boys, I am your host, Katie
0:13.3	Gatti Tossan.
0:14.9	According to a recent study from Oxfam America, an anti-poverty advocacy group, 52 million
0:21.3	Americans, which represents one-third of the American workforce, earns less than $15
0:28.1	per hour.
0:35.1	Annualized, if you work 40 hours per week all year long, you don't take any breaks, no
0:41.0	days off, that's a salary of around $31,000.
0:45.8	13 million of these low wage workers are raising children on these wages.
0:51.0	That is to say, 33% of the American workforce earns wages that put them around the poverty
0:57.4	line, and this group is disproportionately women and disproportionately non-white.
1:03.8	When the pandemic laid bare the fact that our economy functioned on the backbone of a low-wage
1:08.4	workforce, aka the essential workers, a truth that had been known to this workforce
1:13.5	all along, it became difficult to ignore the irony of those labeled essential being
1:19.7	the lowest paid among us.
1:23.0	If price equals value, the thinking goes, we can rationalize whom we pay very little,
1:28.7	and whom we pay extravagantly.
1:31.3	COVID made it clear that our economic system's quantification of value was not only distorted,
1:37.3	but that it had much further reaching impacts that we are still figuring out today.
1:43.4	Moreover it took a hacksaw to the already wobbly scaffolding of our childcare system,
1:48.1	yes.
1:49.2	As an air quotes here, in the United States, and women's workforce participation dropped
1:53.9	to 57%, which is the lowest rate since 1988.
	...

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