Statement of Sara K. Gould, President and CEO of the Ms. Foundation for Women, On the Unfolding Economic Crisis and Its Disproportionate Impact on Nation's Most Vulnerable Women and Families

    NEW YORK, Sept. 18 /PRNewswire-USNewswire/ -- Amidst the emphasis on
 solving the economic crisis facing Wall Street, the crisis crippling women
 and their families on Main Street continues unabated and unrecognized. The
 Ms. Foundation for Women's CEO and President Sara K. Gould is drawing
 attention to how the plummeting economy further threatens millions of women
 whose lives already hang in the balance.
 
     "Even at the beginning of the economic downturn, more women than men,
 and more African Americans and Latinos than whites, were caught in the
 sub-prime mortgage trap. Now that the crisis has escalated, we must expect
 that the negative repercussions for women -- especially women of color --
 will escalate as well," notes Ms. Gould, an expert in women's economic
 development who has decades of experience spearheading solutions to ensure
 women's economic security.
 
     "Women in the U.S. are playing with the economic deck stacked against
 them," Ms. Gould states. "Taking into account longstanding pay inequities,
 insidious barriers to employment, record levels of inflation and
 ever-increasing childcare expenses, women and their families are struggling
 to keep up and get by. For women who confront the additional barriers of
 race and class, the obstacles are much greater and the economic straits
 even worse.
 
     "The current instability roiling Wall Street's markets will lead to an
 increasingly dire economic situation for women. This is especially true for
 low-income women, women of color, single mothers and others who have long
 experienced the disproportionate impact of flawed economic policies."
 
     Women faced challenges to their economic security long before the
 recent turmoil in the stock markets.
 
 

     --  The gender-wage ratio has not improved since 2001. Women are still paid
         only 77 cents for every dollar a man makes. The disparity is even
         greater for women of color: African-American women make 62 cents and
         Latinas make only 53 cents for every dollar of male earnings. (I)
     --  Women comprise the majority of low-wage workers: Women accounted for
         68.2% of minimum-wage and below-minimum-wage workers in 2007.(II)
     --  Most poor Americans are women and children, with women comprising a full
         39%, children, 35%; and men, 26%.(III)
     --  Accounting for 37% of families in poverty, the poverty rate for single
         female-headed households is higher than any other demographic group.(IV)
     The current economic downturn will impact low-income women and their
 families the hardest, and drive even more into poverty.
 
 

     --  Already, the sub-prime mortgage crisis is taking a higher toll on women
         -- especially women of color. 32% of women hold sub-prime mortgages vs.
         24% of men; and African American and Latino homeowners were 30% more
         likely to have received sub-prime loans.(V)
     --  Poverty rates increase during economic downturns. With the increasing
         costs of even basic necessities of food, transportation and energy, the
         number of poor families is growing.(VI)
     --  Once a family has fallen into it, poverty is difficult to escape. An
         estimated 60% of families that are in the bottom fifth of income remain
         there a decade later.(VII)
     Ms. Gould continues, "Across the U.S., women are too well-acquainted
 with poverty and economic insecurity. Because they know these challenges
 personally, however, they are often best positioned to develop the most
 effective strategies to address them."
 
     "Women must be better represented at policy tables; their perspectives
 and leadership are crucial to bring about long-term economic stability and
 well-being -- for women, families and communities. So as we hold key
 members of the public and private sector accountable for our country's
 worsening economic disaster, let's turn to women driving change at local,
 state and national levels for economic-justice solutions."
 
     About Sara K. Gould:
 
     Ms. Gould is available for interviews and appearances on request.
 
     Ms. Gould is a national authority on women's economic development and
 economic security, and a groundbreaking innovator in philanthropy. Ms.
 Gould was just named to the NonProfit Times Top 50 Power and Influence List
 for her visionary leadership in advancing women's economic security, in
 particular her founding of the Collaborative Fund for Women's Economic
 Development, a pioneering grant-making initiative which leveraged over $10
 million in the field of women's microenterprise development in the United
 States.
 
     About the Ms. Foundation for Women:
 
     Founded in 1973, the Ms. Foundation for Women is the first and leading
 women's fund and the foundation engaged across the United States to build
 women's collective power to ignite change. It provides strategic
 grantmaking and capacity-building support to over 150 grassroots and
 national advocacy organizations working to bring about policy and culture
 change across the broad areas of economic justice, women's health, ending
 violence and building democracy. In August 2008, Raise the Floor: Wages and
 Policies that Work, a book published and co-authored by the Ms. Foundation
 in 2001, was named to Bill Moyers Journal's "Become a More Engaged Citizen"
 Book List. It outlines a number of policies designed to increase economic
 security for low-income women and low-wage workers that have gained
 traction during this election cycle.
 
     For more information or to arrange an interview with Sara K. Gould,
 please contact Erin Smith, Senior Publicist of the Ms. Foundation for Women
 at 212.709.4426 (office), 512.203.6206 (mobile), or
 esmith@ms.foundation.org.
 
     (I) "The Gender Wage Gap: 2007" Institute for Women's Policy Research,
 August 2008. http://www.iwpr.org/pdf/C350.pdf
 
     (II)"Characteristics of Minimum Wage Workers: 2007" Bureau of Labor
 Statistics, March 24 2008. http://www.bls.gov/cps/minwage2007.pdf
 
     (III) "Living in Poverty: Vulnerable Women and Children." Headwaters
 Group for the W.K. Kellogg Foundation. July 2008. p. IV
 
     (IV) "Current Population Survey, 2007 Annual Social and Economic
 Supplement." U.S. Census Bureau.
 http//pubdb3.census.gov/macro/032007/pov/new31_100_004.htm
 
     (V) Economic Policy Institute, State of Working America Press Release,
 August 28, 2008.
 http://www.stateofworkingamerica.org/news/swa08_pr_final.pdf
 
     (VI) Economic Policy Institute, State of Working America Press Release,
 August 28, 2008.
 http://www.stateofworkingamerica.org/news/swa08_pr_final.pdf
 
     (VII) Economic Policy Institute, State of Working America Press
 Release, August 28, 2008.
 http://www.stateofworkingamerica.org/news/swa08_pr_final.pdf
 
     Available Topic Expert(s): For information on the listed expert(s),
 click appropriate link.
 
     Sara Gould
 
     http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=81553
 
 
 

SOURCE Ms. Foundation for Women