[Harlow:] OK, so the economic downturn, one thing you need to know is it is disproportionately impacting women and minorities, by a lot. Experts are predicting one-third of daycare child care centers may not reopen again at all. You've got schools still closed, your summer camp may be cancelled, just like mine just was. This is putting parents in an impossible position, particularly women who often bear the brunt of child care. What do they do? How do they go back to work? And look at the jobs numbers. The unemployment rate, most recently, for women, above the average, climbing to 15 percent. For black and Hispanic women, even, even higher. Since it's been recorded, women have never experienced an unemployment rate in the double digits like this. Let's talk about it. Joanne Lipman is with us, she's a distinguished journalism fellow at Princeton. She is also a contributor to CNBC Market. Margaret Anadu is the head of Urban Investments at Goldman Sachs. It's so nice to have you both, I've really been wanting to cover this. And, Joanne, it was your op-ed that really made me think we have to bring more light to this. What is a "She session"? What is happening in this country?
[Joanne Lipman, Distinguished Journalism Fellow, Institute For Advanced Study In Princeton:] Yes. It's you know, as you said at the top here, women are being disproportionately affected for a variety of reasons, and particularly women of color. And, you know, one is that women are overrepresented in the industries that are hardest hit by the pandemic, including things like hospitality and restaurants and child care. Women also disproportionately we make up more than 60 percent of all the lowest wage-earning jobs, and so those have been disproportionately hit as well. But you add to it, as you just referenced, the fact that women are taking on the bulk of child care and homeschooling at home. And in fact, I just got figures from Boston Consulting Group, which did a survey of five countries. And they found that Americans as a whole, American parents, are spending 29 additional hours per week on child care and household chores. But for women, again, it's disproportionate. Women are spending 15 hours more per week than men. And we absolutely need to solve for this child care issue because if we want the economy as a whole to get back on its feet, we can't ignore half the working population.
[Harlow:] Of course we can't. And, Margaret, it's even worse for minority women, Hispanic women and African-American women.
[Margaret Anadu, Head Of Urban Investment Group, Goldman Sachs:] Yes. What we're seeing in minority communities and especially with women of color is, really, the impact not just of pre-existing conditions on the health side, which have been, you know, discussed in terms of, you know, high blood pressure and things like that, but also the pre- existing conditions on the economic side. So if you think about minority communities and their businesses, these are businesses that were not getting a fair share of capital, even before the crisis. And we're seeing that worsen today. So really, this kind of double whammy of the health conditions and the economic conditions for minority communities is incredibly troubling.
[Harlow:] Margaret, we had you on a few weeks ago, we talked about how Goldman Sachs, the program to allocate capital to some of those minority-owned businesses, particularly sort of aside from what the PPP program is doing. Can you just speak to what the new data tells you? Because when those businesses fail, that pulls the rug out from underneath them.
[Anadu:] Sure. Yes, and the data's been encouraging. So we committed $500 million and you know, we've deployed the vast majority of that. And 50 percent of that capital has gone to minority communities, so the same hard-hit places like neighborhoods in New York City, New Orleans, Detroit. We've also seen roughly a third of that capital go into low-income communities. And another really important piece is as we've looked at the employee median count of these businesses, it's three. So really being able to reach these small, Main Street, mom-and-pop businesses we were hoping to. And really, we're only successful doing that because of the distribution channel. We worked exclusively through community lenders, community development financial institutions who focus on these underserved businesses and communities in their normal course.
[Harlow:] IT's really important to make it a priority to get it to them. Joanne, my concern is that this economic damage to women, and setting them back so far, could have long legs, right? Lasting implications, be permanent for some. Are you worried about that?
[Lipman:] We I am so concerned about this because we've seen this in the past, during the Great Recession, 2008, 2009. The first thing that got cut were these diversity programs, anything, you know basically, when you had the last few years, the fact that women have made substantial gains is in a large measure because the unemployment rate was so low, so the opportunities were spread for the larger population. When you have these sky-high unemployment rates and you're doing away with programs that really are trying to attract women and people of color, you're going to have long, long-lasting effects. Unless we intervene now, and I do think we have to start thinking about things like daycare. I mean, we're now looking at right? another stimulus program, you were talking about that earlier in the program. We need to factor in child care into that. And even start having a conversation about government-funded child care.
[Harlow:] It's far beyond time for that. Joanne, thank you. Margaret, thank you both very, very much for highlight this issue. We'll be right back.