Washington: The economic impact of the Covid-19 pandemic, according to US Federal Reserve Chairman Jerome Powell, has widened inequities in the country's economy. "The pandemic exacerbated long-standing inequities in our economy. Those least able to bear it, across racial, gender, and socioeconomic lines, were, unfortunately, the ones who were most affected "Powell made the remarks during a speech at the central bank's conference on gender and the economy.
"Women make up the majority of frontline workers, who have been put under a lot of stress - and risked their lives - as a result of the pandemic." Women also assumed the majority of caring responsibilities, both for elderly relatives and children. "During the worst of the pandemic, as schools and childcare services closed, the added responsibility and stress made working more difficult for some and drove many people away from their jobs." These burdens are real, and they've been an additional challenge in an already difficult time," the Fed Chair said.
In a reversal of previous recessions, Powell noted that women suffered more job losses during the Covid-induced recession than men. Meanwhile, according to a Fed survey from last year, the pandemic disrupted childcare or in-person schooling for nearly 70 percent of parents, with 25 percent of mothers reporting that they did not work or worked less as a result.
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