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Positive Economic Effects of Expanded Female Labor Force Participation - 4/25/16

Many economists have expressed concern regarding the unsatisfactory rates of growth being posted by the U.S.  U.S. economic growth has consistently fallen below the three percent per annum threshold for a decade and twenty sixteen is off to a slow start. 

As if often the case, the solution rests with women, at least according to a new report supplied by the McKinsey Global Institute. 

As reported by the Wall Street Journal, the report finds that the U.S. could add two point one trillion dollars to the nation’s gross domestic product in less than two decades if states took the effort to increase the labor force participation rate among women, expanded the number of hours that they work and helped to induce them into more productive employment sectors. 

That’s easier said than done of course.  According to the research, women provide almost double the amount of unpaid care as men, including cooking, cleaning and taking care of children.  To expand female labor force participation, the U.S. would need to invest nearly half a trillion dollars to help create more jobs and support services like childcare.   

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.