A significant gender pay gap still persists. That's why we cannot be passive as we acknowledge Equal Pay Day, which marks the day when a woman's earnings catch up to what her male peers earned in the previous year. To millennials, it's startling to see that women still earn just 77 cents to the dollar of what men earn. Women of color are hit especially hard: African-American and Hispanic women earn 70% and 61%, respectively, of what white men earn. Without any male income in their household, single women and lesbians may feel the pay gap effect all the more. This wage gap costs working women and their families more than $10,000 annually and jeopardizes women's retirement security.
This gap isn't just about women making different choices in their careers. Even after accounting for occupation, hours worked, education, age, race, ethnicity, marital status, number of children and more, a difference of 5% still persists in the earnings of male and female college graduates one year after graduation. After 10 years in the workplace, that gap more than doubles to 12%.
Today we are fortunate to have critical laws like the Lilly Ledbetter Fair Pay Restoration Act, which overturned a 2007 Supreme Court decision that made it harder for women -- and all employees -- to pursue federal claims of pay discrimination. Although this important law restored fairness for workers who want to use federal law to challenge cases of discriminatory pay, it only addresses one piece of the larger puzzle. More needs to be done.