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So the care economy, if you think about it,
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it's really, there's two parts of it.
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One is the paid care economy.
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I think that's what we typically think of.
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People delivering elder care in nursing homes,
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in assisted living facilities.
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People delivering childcare
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in childcare centers.
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And that's big, as you describe.
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It's a $2 trillion economy
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in terms of the pay piece.
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$2 trillion.
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2 trillion
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Okay.
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And that's not the gray economy.
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That's actually the,
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that is the reported number
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in terms of the economy.
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There's also an unpaid portion of it.
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So, if you think about it, many of us,
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yourself, we've discussed this, you
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have been caregivers,
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either for children or for parents,
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or sometimes at at the same time.
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That is another, if you value that work,
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which we value that work,
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that's another $4 trillion.
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So the overall care economy,
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just in the US alone,
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$6 trillion with four children,
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4 trillion being in the unpaid portion
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of the economy.
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It's interesting that it's actually
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the unpaid caregivers,
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the people who are taking care of their kids,
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the people who are taking care of their parents,
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even, because we know that with the baby boomers
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we have this generation of people
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who are sandwiched between
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the two responsibilities.
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That is a huger, a bigger portion,
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of the care economy
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than the paid sector, which is nannies,
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nurses, home care attendants,
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daycare centers, that sort of thing.
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That's right,
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That's exactly right, two-thirds.
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It's two-thirds, the unpaid portion.
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And so what are the economics of this,
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and why are they getting so much worse,
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and why are we seeing numbers like that
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as far as an impact on the GDP?
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That's a great question.
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So, so, so you think about care
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and you think about it being a social issue,
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and it is completely a social issue,
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but it is a core economic issue.
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So let me just briefly describe that.
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If you look at unfilled vacant jobs today
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in the US, the number's 11 million.
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11 million unfilled jobs.
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If you look at the care economy,
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1.8 million jobs are unfilled.
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There's interrelatedness
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in terms of these two numbers, okay?
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So many of us count on paid caregivers to care
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for our parents, our children,
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our, whatever that is.
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And so there's, when you don't have enough people
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in the care economy, you don't have people to,
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so there, there's-
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You can't delegate.
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You can't delegate.
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You can't delegate.
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And so let me just frame that
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up in terms of supply and demand.
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So, if you look at the supply side
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I'll quote one statistic.
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Since Covid,
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one-third of childcare facilities
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have either had to shut down
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or have had to cut their care
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by 50% or more because
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they can't find enough qualified workers.
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What, what's happening?
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Are people just quitting, or...?
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Well, much has been said
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about the great resignation, Elizabeth,
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but the truth is
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the wages are low.
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It's typically thought of as "women's work,"
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so only appealing to the segment of the economy.
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Another core reason is
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many of these people actually have to take care
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of their own children or,
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so the combination of all those factors
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means that the supply
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is constrained and it's relatively low.
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And on the demand side,
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it's increasing.
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So if you think about the baby boom generation
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and the aging of that generation
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and more and more people living to be 80, 90,
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which is a great thing,
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but in that age sector, you know,
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they often need care.
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So, so there's a demand issue,
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there's increasing demand
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and there's a supply issue,
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which is constrained supply.