President Joe Biden will be delivering a speech on the care economy in Washington, D.C. today, highlighting the crucial role that care work plays in enabling all other forms of work to take place. The care economy involves tasks related to taking care of individuals, such as infants or the elderly, and is the fastest-growing sector globally, with projections indicating it will add 150 million jobs by 2030.
However, despite its critical role in society, care work is often undervalued and underpaid, with women worldwide bearing the brunt of this burden. According to the World Economic Forum, over 64 million jobs were lost during the COVID-19 pandemic and more than $800 billion in income was lost by women alone. This highlights the urgent need for recognition and fair compensation for caregivers, particularly women who play a critical role in society.
President Biden’s speech will likely address these challenges and explore solutions to support those in the care economy. As a journalist covering this event, I will be listening closely to his remarks and analyzing their potential impact on policy and society as a whole.
