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Signs welcoming Indiana Fever's new player Caitlin Clark, at Gainbridge Fieldhouse in Indianapolis.
Basketball double whammy: Gender pay gap and betting scandals
It’s been a big week for professional basketball leagues catching heat. Fans were outraged to learn that college basketball legend and all-time NCAA top-scorer and top WNBA draft pick Caitlin Clarkwill earn a meager $338,056 over four years with the Indiana Fever.
That means, Clark’s earnings will be less than 1% of the 2023 NBA top draft pick, Victor Wembanyama’s $55 million deal. It’s even lower – much lower– than some NBA mascots.
Sure, Clark is set to make $3 million in ad deals, but the gender pay gap point remains, particularly as the league continues to grow. The WNBA draws fewer attendees, television viewers, and broadcast rights revenue, which means its players have a weaker collective bargaining agreement. But with a star like Clark – who is already helping set WNBA viewership records – that balance may begin to shift thanks to a one-woman rising tide that will lift other boats.
But Clark’s pay wasn’t the only pro basketball scandal. This week, Toronto Raptors forward Jontay Porterwas banned from the NBA after an investigation found him guilty of colluding with sports bettors. He was, according to the ruling, providing information to them and betting on games, including against his own team, and “limiting his own participation in one or more games for betting purposes.”
While Clark’s contract called attention to gender-based pay discrepancies, Porter’s ouster has raised questions about player’s involvement in betting scandals (and sponsorship deals with gaming outlets) – something that has become more common following the 2018 US Supreme Court’s decision to strike down federal laws against betting on professional sports. With a bigger pool of bettors offering more opportunities for such insider betting scandals, could it be time for the legal ban – or at least limits – to rebound?Graphic Truth: Are Canada and the US narrowing the gender pay gap?
Despite lofty rhetoric about equality from politicians in Washington and Ottawa, the US and Canada are trailing behind several of their G7 counterparts (though both far ahead of Japan) when it comes to progress made in narrowing the gender pay gap over the past two decades or so, OECD data shows.
Women working full-time in the US make 84 cents for every dollar men make, according to the Census Bureau. Canadian women make 88 cents for every dollar men make, per the Canadian Chamber of Commerce.
Since 2002, the gender wage gap — defined as the difference between median earnings of men and women relative to median earnings of men — has declined in the US from 22.1% to 17%. During the same period in Canada, it declined from 24% to 17.1%.
Are the US and Canada doing enough to narrow the gender pay gap?
A mock 10 baht banknote bearing an illustration of a yellow duck instead of the Thai king or his predecessor is pictured in Bangkok on Nov. 25, 2020.
Hard Numbers: Thai royal canard, Biden’s deficit plan, Japan’s gender pay gap, golden Odin, Greek walkout
2: Prepare to read the next sentence twice. A man in Thailand is facing two years in jail for selling calendars of … rubber ducks. The squeaky fowl has long been a symbol of the country’s pro-democracy movement, and since these birds were dressed in royal regalia, authorities say they insulted the monarchy. The country’s defamation laws have been used to convict 200 people since 2020.
2 trillion: With a partisan battle over the debt ceiling looming, President Joe Biden on Thursday is set to unveil a plan to reduce the federal budget deficit by $2 trillion over the next 10 years. Don’t expect Republicans to jump for joy though – the plan is expected to call for tax increases for the wealthy and corporations but won’t satisfy the GOP’s demands for spending cuts.
75: PM Fumio Kishida vowed yesterday to “work even harder” to tackle the massive gender pay gap in Japan, where women earn 75% of what men do for full-time work. The Land of the Rising Sun has ranked abysmally on the World Economic Forum’s gender parity report despite efforts by successive governments to tackle the issue.
1,500: Historians shouldn’t be too Thor about this. Scientists have uncovered the oldest-known reference to the Norse god Odin on a gold disc dating back 1,500 years. The ornamental pendant is part of a trove of gold found in Denmark in 2020, and its inscription, “He’s Odin’s man,” likely refers to an unknown lord or king.
60,000: At least 60,000 Greeks joined anti-government protests Wednesday, a week after a deadly train crash — blamed on years of underinvestment in infrastructure — killed 57 people. Most protesters were in Athens, where they marched to parliament chanting "murderers” in the biggest challenge to date to PM Kyriakos Mitsotakis.
US women soccer team’s fight for equal pay "because we're clearly the dominant team"
The World Cup-winning US women's soccer team won its sixth medal (bronze) in the Tokyo Olympics, and it's arguably the world's best squad in recent years. Meanwhile, the national women's team just filed its first brief to appeal an equal pay lawsuit ruling against the US Soccer Federation, one year after a judge rejected their claim that they were underpaid compared to the (way less successful) men's squad. GZERO World gets the latest on what comes next from two-time gold medalist and World Cup champion goalkeeper Briana Scurry and their lawyers.
Watch the episode: Politics, protest & the Olympics: the IOC's Dick Pound
Women have borne the economic brunt of the pandemic
It's no secret that women around the world have shouldered much of the burden brought about by the COVID-19 pandemic, especially when it comes to unpaid labor. As London School of Economics director Minouche Shafik points out in this week's episode of GZERO World, on average in the world women do two hours more unpaid work per day than men. And whether we're talking Norway or Pakistan, women have been doing more than their fair share for a long time before COVID hit. So how do women come back from what Shafik calls "the biggest change in the social contract in decades?" That's a major focus of this week's show.
Watch the episode: Is modern society broken?
Should the US have Family Leave: Money in 60 Seconds
16 weeks of paid maternity leave pays for itself in the first year.
It's your Money in 60 Seconds with Sallie Krawcheck!
And go deeper on topics like cybersecurity and artificial intelligence at Microsoft on The Issues.
Money in 60 Seconds: Gender Pay Gap
The gender pay gap is still a huge problem. Here's why Citigroup's pay gap increased to 29%.
It's your Money in 60 Seconds with Sallie Krawcheck!
And go deeper on topics like cybersecurity and artificial intelligence at Microsoft on The Issues.