WEBVTT 1 00:00:00.360 --> 00:00:02.160 So the care economy, if you think about it, 2 00:00:02.160 --> 00:00:04.350 it's really, there's two parts of it. 3 00:00:04.350 --> 00:00:06.450 One is the paid care economy. 4 00:00:06.450 --> 00:00:08.100 I think that's what we typically think of. 5 00:00:08.100 --> 00:00:11.250 People delivering elder care in nursing homes, 6 00:00:11.250 --> 00:00:13.170 in assisted living facilities. 7 00:00:13.170 --> 00:00:14.820 People delivering childcare 8 00:00:14.820 --> 00:00:16.860 in childcare centers. 9 00:00:16.860 --> 00:00:18.450 And that's big, as you describe. 10 00:00:18.450 --> 00:00:20.730 It's a $2 trillion economy 11 00:00:20.730 --> 00:00:22.590 in terms of the pay piece. 12 00:00:22.590 --> 00:00:23.970 $2 trillion. 13 00:00:23.970 --> 00:00:24.803 2 trillion 14 00:00:24.803 --> 00:00:25.636 Okay. 15 00:00:25.636 --> 00:00:26.940 And that's not the gray economy. 16 00:00:26.940 --> 00:00:28.350 That's actually the, 17 00:00:28.350 --> 00:00:29.910 that is the reported number 18 00:00:29.910 --> 00:00:31.230 in terms of the economy. 19 00:00:31.230 --> 00:00:33.570 There's also an unpaid portion of it. 20 00:00:33.570 --> 00:00:35.880 So, if you think about it, many of us, 21 00:00:35.880 --> 00:00:37.650 yourself, we've discussed this, you 22 00:00:37.650 --> 00:00:38.730 have been caregivers, 23 00:00:38.730 --> 00:00:40.440 either for children or for parents, 24 00:00:40.440 --> 00:00:43.080 or sometimes at at the same time. 25 00:00:43.080 --> 00:00:45.240 That is another, if you value that work, 26 00:00:45.240 --> 00:00:46.440 which we value that work, 27 00:00:46.440 --> 00:00:48.600 that's another $4 trillion. 28 00:00:48.600 --> 00:00:50.280 So the overall care economy, 29 00:00:50.280 --> 00:00:51.667 just in the US alone, 30 00:00:51.667 --> 00:00:54.960 $6 trillion with four children, 31 00:00:54.960 --> 00:00:57.450 4 trillion being in the unpaid portion 32 00:00:57.450 --> 00:00:58.283 of the economy. 33 00:00:58.283 --> 00:01:00.270 It's interesting that it's actually 34 00:01:00.270 --> 00:01:02.640 the unpaid caregivers, 35 00:01:02.640 --> 00:01:04.410 the people who are taking care of their kids, 36 00:01:04.410 --> 00:01:06.300 the people who are taking care of their parents, 37 00:01:06.300 --> 00:01:08.310 even, because we know that with the baby boomers 38 00:01:08.310 --> 00:01:09.480 we have this generation of people 39 00:01:09.480 --> 00:01:10.560 who are sandwiched between 40 00:01:10.560 --> 00:01:12.450 the two responsibilities. 41 00:01:12.450 --> 00:01:15.240 That is a huger, a bigger portion, 42 00:01:15.240 --> 00:01:16.170 of the care economy 43 00:01:16.170 --> 00:01:18.840 than the paid sector, which is nannies, 44 00:01:18.840 --> 00:01:20.805 nurses, home care attendants, 45 00:01:20.805 --> 00:01:23.022 daycare centers, that sort of thing. 46 00:01:23.022 --> 00:01:23.905 That's right, 47 00:01:23.905 --> 00:01:24.738 That's exactly right, two-thirds. 48 00:01:24.738 --> 00:01:26.520 It's two-thirds, the unpaid portion. 49 00:01:26.520 --> 00:01:28.980 And so what are the economics of this, 50 00:01:28.980 --> 00:01:31.590 and why are they getting so much worse, 51 00:01:31.590 --> 00:01:33.316 and why are we seeing numbers like that 52 00:01:33.316 --> 00:01:35.525 as far as an impact on the GDP? 53 00:01:35.525 --> 00:01:36.358 That's a great question. 54 00:01:36.358 --> 00:01:39.300 So, so, so you think about care 55 00:01:39.300 --> 00:01:41.610 and you think about it being a social issue, 56 00:01:41.610 --> 00:01:43.530 and it is completely a social issue, 57 00:01:43.530 --> 00:01:46.350 but it is a core economic issue. 58 00:01:46.350 --> 00:01:48.240 So let me just briefly describe that. 59 00:01:48.240 --> 00:01:51.900 If you look at unfilled vacant jobs today 60 00:01:51.900 --> 00:01:54.510 in the US, the number's 11 million. 61 00:01:54.510 --> 00:01:57.060 11 million unfilled jobs. 62 00:01:57.060 --> 00:01:58.860 If you look at the care economy, 63 00:01:58.860 --> 00:02:02.280 1.8 million jobs are unfilled. 64 00:02:02.280 --> 00:02:04.230 There's interrelatedness 65 00:02:04.230 --> 00:02:05.880 in terms of these two numbers, okay? 66 00:02:05.880 --> 00:02:09.840 So many of us count on paid caregivers to care 67 00:02:09.840 --> 00:02:12.120 for our parents, our children, 68 00:02:12.120 --> 00:02:13.650 our, whatever that is. 69 00:02:13.650 --> 00:02:16.830 And so there's, when you don't have enough people 70 00:02:16.830 --> 00:02:19.680 in the care economy, you don't have people to, 71 00:02:19.680 --> 00:02:21.037 so there, there's- 72 00:02:21.037 --> 00:02:21.954 You can't delegate. 73 00:02:21.954 --> 00:02:23.042 You can't delegate. 74 00:02:23.042 --> 00:02:24.047 You can't delegate. 75 00:02:24.047 --> 00:02:26.528 And so let me just frame that 76 00:02:26.528 --> 00:02:27.570 up in terms of supply and demand. 77 00:02:27.570 --> 00:02:29.270 So, if you look at the supply side 78 00:02:30.330 --> 00:02:32.676 I'll quote one statistic. 79 00:02:32.676 --> 00:02:33.509 Since Covid, 80 00:02:34.500 --> 00:02:38.280 one-third of childcare facilities 81 00:02:38.280 --> 00:02:40.080 have either had to shut down 82 00:02:40.080 --> 00:02:41.460 or have had to cut their care 83 00:02:41.460 --> 00:02:43.350 by 50% or more because 84 00:02:43.350 --> 00:02:46.380 they can't find enough qualified workers. 85 00:02:46.380 --> 00:02:47.460 What, what's happening? 86 00:02:47.460 --> 00:02:50.040 Are people just quitting, or...? 87 00:02:50.040 --> 00:02:50.940 Well, much has been said 88 00:02:50.940 --> 00:02:52.770 about the great resignation, Elizabeth, 89 00:02:52.770 --> 00:02:53.800 but the truth is 90 00:02:56.100 --> 00:02:57.363 the wages are low. 91 00:02:58.260 --> 00:03:01.110 It's typically thought of as "women's work," 92 00:03:01.110 --> 00:03:04.053 so only appealing to the segment of the economy. 93 00:03:05.910 --> 00:03:06.990 Another core reason is 94 00:03:06.990 --> 00:03:09.210 many of these people actually have to take care 95 00:03:09.210 --> 00:03:10.980 of their own children or, 96 00:03:10.980 --> 00:03:13.410 so the combination of all those factors 97 00:03:13.410 --> 00:03:14.940 means that the supply 98 00:03:14.940 --> 00:03:17.880 is constrained and it's relatively low. 99 00:03:17.880 --> 00:03:19.923 And on the demand side, 100 00:03:20.790 --> 00:03:21.690 it's increasing. 101 00:03:21.690 --> 00:03:24.780 So if you think about the baby boom generation 102 00:03:24.780 --> 00:03:26.400 and the aging of that generation 103 00:03:26.400 --> 00:03:29.310 and more and more people living to be 80, 90, 104 00:03:29.310 --> 00:03:30.460 which is a great thing, 105 00:03:31.320 --> 00:03:33.060 but in that age sector, you know, 106 00:03:33.060 --> 00:03:34.620 they often need care. 107 00:03:34.620 --> 00:03:38.160 So, so there's a demand issue, 108 00:03:38.160 --> 00:03:39.300 there's increasing demand 109 00:03:39.300 --> 00:03:40.980 and there's a supply issue, 110 00:03:40.980 --> 00:03:42.423 which is constrained supply.