Senate Republicans passed the President’s signature policy bill on Tuesday. Among the biggest potential changes are reductions to the social safety net. The bill proposes significant cuts to programs such as Medicaid and the Supplemental Nutrition Assistance Program (SNAP), which provides food aid to low-income families.
If it passes in the U.S. House, the bill would usher in sweeping changes to the country’s political and social landscape.
The financial impact of those cuts would fall particularly hard on women, according to researchers from the Aspen Institute.
In their 2023 report, inflation, rising housing costs, and caregiving responsibilities, among other factors, were major contributors to women’s economic insecurity in the U.S.
Only one in five women surveyed in the study felt as if they were saving enough for retirement, and four out of five women felt economically insecure.
“The challenges have gotten worse, and we have not made significant progress on the solutions,” said Heather McCulloch, a senior fellow at the Aspen Institute’s Financial Security Program and lead author of the report.
In Colorado, the majority of Medicaid recipients are women, whose healthcare would be jeopardized by the large Medicaid cuts proposed in the bill. Medicaid also provides financial support for family caregivers, more than half of whom are women.
The cuts come at a time when the wealth gap between men and women is growing, with women owning just 34 cents for every dollar that men own. For Black and Latina women, it’s pennies on the dollar.
U.S. economic policy has never been designed to meet women’s needs, said Joanna Smith-Ramani, co-executive director of the Aspen Institute’s Financial Security Program.
Women surveyed for the report listed several potential solutions, including raising the minimum wage, more accessible childcare, and flexible working schedules — all policies that recognize women who often serve in dual roles as financial providers and caregivers.
Many of these policies are also supported by the majority of men.
According to a new survey released in June, commissioned by the group Paid Leave for All, more than 90% of men support paid leave, affordable child care, and affordable long-term care for aging and disabled family members.
Smith-Ramani said that one proposal in the President’s bill would help boost women’s economic security: MAGA bank accounts, which would allow parents to kickstart savings for their children with a one-time $1,000 credit from the federal government.
Low-income families, most of which are headed by women, would especially benefit from these accounts, said Smith-Ramani.
“I don't think these accounts will, by themselves, help fix the other harm that's being done by the rest of the bill,” she added, “But it's interesting to see bipartisan interest in innovations in ownership that, over time, will strengthen families.”
