According to Commerce Secretary Gina Raimondo, family care remains the greatest barrier for women seeking work, and it is impacting on the labor market recovery. “We still have millions of women out of the workforce, and we know the No. 1 reason they say they’re out of the labor is that they’re still battling to get care for their children or elderly loved ones,” she told Jim Cramer on “Mad Money.” As a result of the problem, numerous organizations across the country are having difficulty employing. According to Raimondo, whose agency is responsible with boosting U.S. economic growth, many women managing caregiving needs are passing up career chances or even promotions due to responsibilities at home. More than a year after the coronavirus pandemic threw the economy into disarray and resulted in enormous layoffs, Census Bureau data shows that 1.5 million women have yet to return to work owing to childcare issues. It is vital to address it in order for America to remain competitive, according to Raimondo. “If we’re going to compete, we need to spend more in our caregiving infrastructure so that women can fully engage in the work market,” she stated. According to Raimondo, who was previously governor of Rhode Island, the Biden administration wants to do more to provide home care services, paid family leave, and public pre-kindergarten. “This is as crucial as everything else to our competitiveness,” she remarked. The remarks come just days after Senate Democrats announced a $3.5 trillion budget plan that includes financing for preschool expansion and daycare affordability, among other things. The multibillion-dollar idea will be pushed through the Senate with a $579 billion bipartisan infrastructure package, according to Senate Majority Leader Chuck Schumer. Through a process known as reconciliation, Senate Democrats want to pass a $3.5 trillion economic safety net package on a party-line vote. The deal is being reviewed by moderate Democrats who are critical to its survival. Members of the party’s left flank have said that the expenditure plan is required to support the infrastructure plan, which has bipartisan support. Republicans, who are expected to vote no on the $3.5 trillion plan, are concerned that the large expenditure will raise inflation. Do you have any questions for Cramer? Cramer may be reached at 1-800-743-CNBC. Interested in learning more about Cramer’s world? Make contact with him! Money that’s out of control Jim Cramer on Twitter Twitter, Facebook, and Instagram are three of the most popular social media platforms. Do you have any questions, suggestions, or comments for the “Mad Money” website? madcap@cnbc.com/n
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