As the U.S. presidential election approaches, societal trends indicate a rising number of “childless cat ladies” and single mothers heading households, often facing financial challenges. According to the Center for American Progress, about 75% of single mothers are in the workforce, with those working full-time earning a median annual income of $40,000, compared to $57,000 for single fathers. The demands of caregiving have contributed to a persistent gender pay gap known as the “motherhood penalty.”
The COVID-19 pandemic exacerbated these challenges, with women experiencing greater job losses and slower recovery compared to men. Despite pandemic relief efforts, which facilitated economic recovery and reduced child poverty, female labor force participation hasn’t fully rebounded. Many women continue to struggle with rising costs for necessities, particularly in child care and housing, which outpace inflation.
Federal programs that supported child care are facing underinvestment, leaving many struggling to balance finances. The American Rescue Plan temporarily boosted the child tax credit, significantly reducing child poverty in 2021, but rates doubled when relief expired. In 2023, single-mother-led families experienced a poverty rate of 28.5%. With the expiration of the expanded child tax credit in 2025, further financial strain is anticipated for these families.
Original Story https://www.cnbc.com/2024/10/28/recovery-paradox-women-are-finding-it-harder-to-make-ends-meet.html
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