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Half of US Jobs Now Held by Women

March 4th, 2010 at 09:24am Under Economy Report

This is the VOA Special English Economics Report.

Women are on their way to holding more than half of all American jobs. The latest government report shows that their share of nonfarm jobs nearly reached fifty percent in September. Not only have more and more women entered the labor market over the years, but the recession has been harder on men. In October the unemployment rate for men was almost eleven percent, compared to eight percent for women.

Former eBay chief Meg Whitman, right, a Republican candidate for California governor, talks to a supporter at a business women’s conference

Industries that traditionally use lots of men have suffered deep cuts. For example, manufacturing and building lost more jobs last month. But health care and temporary employment services have had job growth. Both of those industries employ high percentages of women.

Thirty years ago, women earned sixty-two cents for every dollar that men earned. Now, for those who usually work full time, women earn about eighty percent of what men earn. And women hold fifty-one percent of good-paying management and professional jobs.

Yet a study released Thursday said men still hold about nine out of every ten top positions at the four hundred largest companies in California. The results have remained largely unchanged in five years of studies from the University of California, Davis.

Also, a new research paper in the journal Sex Roles looks at the experiences of women who are the main earners in their family. Rebecca Meisenbach at the University of Missouri in Columbia interviewed fifteen women. She found they all valued their independence and many enjoyed having the power of control, though not all wanted it.

But they also felt pressure, worry and guilt. Partly that was because of cultural expectations that working women will still take care of the children. Also, men who are not the main earners may feel threatened.

The job market continues to suffer the effects of last year’s financial crash. Now, a judgment has been reached in the first case involving charges of criminal wrongdoing on Wall Street.

Last week, the government lost its case against two managers at Bear Stearns, the first investment bank to fail last year. A jury found Ralph Cioffi and Matthew Tannin not guilty of lying to investors.

The hedge funds they supervised lost their value in two thousand seven. But jurors said there was no clear evidence that they meant to mislead investors.

The Justice Department continues to investigate other companies.

And that’s the VOA Special English Economics Report, written by Mario Ritter. I’m Steve Ember.

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On the Road to Health Reform, Congress Moves a Step Closer

February 26th, 2010 at 09:11am Under Economy Report

Correction attached

This is the VOA Special English Economics Report.

A major reform of the American system of health care and insurance has moved farther in Congress than ever before. President Obama wants a final bill passed by the end of the year. But a difficult road still lies ahead.

House Speaker Nancy Pelosi after passage of the bill

Saturday night, the House of Representatives passed a bill with an estimated trillion-dollar price over ten years. The president called the vote historic.

BARACK OBAMA: “The Affordable Health Care for America Act is a piece of legislation that will provide stability and security for Americans who have insurance, quality affordable options for those who don’t and bring down the cost of health care for families, business and our government while strengthening the financial health of Medicare.”

But thirty-nine Democrats voted no, and only one Republican, Joseph Cao of Louisiana, voted yes. The bill passed with just two more votes than required. Republicans say the plan would add to the nation’s debt, raise insurance costs and expand government involvement in health care.

Representative Joe Barton is a Republican from Texas.

JOE BARTON: “So, there is a choice. Bigger government, more mandates, more control, less freedom. Or lower costs, more opportunity, more freedom or more choice. I vote for more freedom.”

The bill aims to provide health coverage to thirty-six million Americans. That would raise the nation’s coverage rate to about ninety-six percent.

The most disputed part of the bill is a “public option” for individuals and small businesses. The government would compete with private plans by offering it own insurance — based on payment rates negotiated with providers.

The House bill would raise taxes on high earners to help pay for the plan. It would also cut four hundred billion dollars from health programs for the retired and poor — money that supporters of the bill say is now being wasted.

Most Americans would have to buy insurance or pay a fine; the government would help the needy. All but the smallest businesses would have to offer insurance for their workers or pay a tax. Some small businesses could receive tax credits to help with their costs.

Insurance companies could not deny or cancel coverage for people with pre-existing conditions. And the industry would lose its protection from anti-competitive laws.

Now, Harry Reid, the Democratic majority leader, is working to produce a health care bill in the Senate. Two bills passed by committees must be combined into one. If that passes, then a compromise would be needed with the House version.

But there is strong resistance in the Senate to a public option. Also, the Senate proposals would not require employers to provide coverage, but would offer tax credits to those that do.

And that’s the VOA Special English Economics Report, written by Mario Ritter. I’m Steve Ember.

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Correction: An earlier subheadline over this story overstated opposition to a “public option” by saying the idea had “little support” in the Senate.

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