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Older women and workers of color are likely to suffer the worst economic effects as the pandemic and recession drag on, experts say.
The big picture: "We know from past recessions that if you're an older woman or an older worker of color, your ability to become re-employed is even more difficult than that of an older white man," the Urban Institute's Johnson says.
- Older women earn less than older men — and they're likely to have less money saved and to live longer, says Jenkins of AARP.
- Among older people of color, around 12% of women and 10% of men have exited the workforce since March, per the New School's Schwartz Center. When looking at older white workers, that drops to 7.5% of women and 5% of men.
The bottom line: Workplace discrimination on the basis of gender or race gets magnified with age.