SHEconomy: Economic Impacts of Inequality | CU Denver Business School News

The Impact of Economic Inequalities on Sustainable Development Goals

The end of tax season means finances and the economy are on everyone’s mind, but have you ever considered economic inequalities? Currently, women and people of color have less access to the economy. Despite social advances that mean women don’t need to marry, married women are richer than their single counterparts. Many barriers prevent equal access to the economy, and to analyze these barriers, and how to overcome them, Danielle Shoots, ‘08, and Councilwoman Shontel Lewis joined CU Denver’s Empowering Women in Business course to host an open discussion.

Causes of Economic Inequalities

Through their discussion, Shoots and Lewis broke down the causes of these economic inequalities. The American economy was built on the back of slavery, and a system built on free labor struggles to remain functional when the labor is no longer free. Women and BIPOC individuals have less access to our current economy because, at the time of the economy’s formation, they were barred from participating in it. According to Shoots, the current failings of the healthcare system stem from Medicaid and Medicare’s inability to negotiate with private health insurance companies. This inability to bargain means the government cannot compete against providers, keeping medical costs high.

Possible Solutions

However, it isn’t all doom and gloom. Although they see different possible solutions, both Lewis and Shoots believe that positive changes can be made. Lewis doubts capitalism’s ability to bring about good and believes that government programs, like social housing, can help rebuild the economy. Low-income housing often concentrates on poverty, but social housing, or mixed-income housing, lets people pay a fixed percentage for homes based on their income.

According to Shoots, companies need to start investing in their employees. In some cases, profit is gained through the exploitation of workers, but this weakens the workforce and is unsustainable. By investing in the workers through services like free daycare, commute cost reimbursement, and mental health support, companies can build a strong and loyal workforce.

Bringing Labor Back Domestically

Shoots also recommended pulling labor back domestically. Searching for low prices, the United States exported labor, and by continuing to do this, the issue is compounded. Bringing labor back will be associated with short-term financial hits, but doing so will help build the foundation for a healthier economy. To help fix issues within the medical system, Shoots believes that letting the government handle insurance and private industry handle healthcare can help create a system where families no longer have to worry about rising medical costs. Shoots and Lewis agreed that the government and private industry must be held to a standard of transparency and accountability.

The Need for Change

Lewis and Shoots agreed that it was time to make these changes. “We need to choose between racism and sexism and the economy,” Shoots said. Without reformation, the system will fail. However, change is on the horizon. Gen Z, the most diverse generation, is entering the workforce in droves, ready to make the changes needed to sustain our future.

SDGs, Targets, and Indicators

1. SDG 5: Gender Equality

   • Target 5.1: End all forms of discrimination against all women and girls everywhere
   • Target 5.4: Recognize and value unpaid care and domestic work through the provision of public services, infrastructure, and social protection policies and the promotion of shared responsibility within the household and the family
   • Indicator 5.1.1: Whether or not legal frameworks are in place to promote, enforce, and monitor equality and non-discrimination on the basis of sex
   • Indicator 5.4.1: Proportion of time spent on unpaid domestic and care work, by sex, age, and location

2. SDG 8: Decent Work and Economic Growth

   • Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value
   • Indicator 8.5.1: Average hourly earnings of female and male employees, by occupation, age group, and persons with disabilities

3. SDG 10: Reduced Inequalities

   • Target 10.2: By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion, or economic or other status
   • Indicator 10.2.1: Proportion of people living below 50 percent of median income, by age, sex, and persons with disabilities

4. SDG 16: Peace, Justice, and Strong Institutions

   • Target 16.5: Substantially reduce corruption and bribery in all their forms
   • Indicator 16.5.1: Proportion of persons who had at least one contact with a public official and who paid a bribe to a public official, or were asked for a bribe by those public officials, during the previous 12 months

Analysis

The article discusses economic inequalities faced by women and people of color, highlighting the barriers they face in accessing the economy. It also explores potential solutions to address these inequalities. Based on this information, the following SDGs, targets, and indicators can be identified:

1. SDG 5: Gender Equality

The article addresses the issue of gender inequality in the economy, specifically mentioning that women have less access to the economy compared to men. This connects to SDG 5, which aims to achieve gender equality and empower all women and girls.

2. SDG 8: Decent Work and Economic Growth

The article discusses the need for companies to invest in their employees and provide services like free daycare, commute cost reimbursement, and mental health support. This aligns with SDG 8, which focuses on promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.

3. SDG 10: Reduced Inequalities

The article highlights the economic inequalities faced by women and people of color, emphasizing the historical barriers that have limited their access to the economy. SDG 10 aims to reduce inequalities within and among countries, making it relevant to the issues discussed in the article.

4. SDG 16: Peace, Justice, and Strong Institutions

The article mentions the importance of holding the government and private industry accountable and ensuring transparency. This aligns with SDG 16, which focuses on promoting peaceful and inclusive societies for sustainable development, providing access to justice for all, and building effective, accountable, and inclusive institutions at all levels.

Table: SDGs, Targets, and Indicators

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Fuente: business-news.ucdenver.edu

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