Magazine

Caitlin Clark, Like All Women, Isn’t Underpaid By Choice

By Sallie Krawcheck

Around Equal Pay Day, the Wall Street Journal ran an Op-Ed entitled “The ‘Gender Pay Gap’ Is a Myth That Won’t Go Away.” Because of course.

It laid out the case that there is no underlying gender pay gap. Instead, it claims, “The pay gap is the natural economic result of choices men and women make, including how much or how little to work and which occupations to enter.”

There were examples like men *choosing* to work two hours more a week — and thus, presumably, women *choosing* to do more of the housework and “child care.” (If you detected sarcasm in the second half of that sentence, you were right.)

I guess there are also the *choices* women make to go into industries and businesses in which they are underrepresented at the top and thus have not had the same opportunities for advancement. (One Wall Street CEO told me several years ago that he came into his job convinced that there were fewer women at the top of his firm because they *chose* to leave mid-career to have babies; what he found is that they actually *chose* to stay at a greater rate than men. They just didn’t receive as many promotionseven with strong performance reviews — and got stuck in middle management.)

This came to a head last week, when we saw one of the greatest basketball players of this — or any — generation go pro: It was Caitlin Clark, the #1 overall pick in the 2024 WNBA draft. At a jaw-dropping salary of $76,535. That is not a typo; I didn’t leave out two digits. 

Now, by the Wall Street Journal’s reckoning, I guess Clark *chose* to go to the WNBA instead of the NBA. And so she *chose* to make $76,535, rather than the $10 million of the #1 NBA player, *choosing* to earn less than 1% of what he will. In fact, she *chose* a salary that is less than what some NBA mascots make

Icky icing on the cake: At one of Clark’s first press conferences, a reporter told her, “I like that you’re here.”

(OK, fine, bland enough.)

Then, in regards to the heart symbol she often makes to her family after every game, he said, “OK, well, start doing it to me and we’ll get along just fine.” 

(Ooh, creepy. On so many levels.)

Like so many women in so many situations over so many years, Clark *chose* to hold her smile and let the moment go by. She *chose* not to rock the boat. (She’s that good and she still had to put up with all of that, for all the world to see. It’s head-shaking.)

We women know that these types of *choices* are often not real choices. But instead, a tax that we pay as women — ‌a tax to keep the peace. At home, in the workplace, at a press conference. Think of it as another kind of pink tax. 

For Caitlin Clark, of course, the money is going to come, as her fans will make their own real choices: Women and their daughters and their friends (and their daughters’ friends) are going to choose to buy out those Clark jerseys. They’re going to attend her games and watch her on TV. And they’re going to buy her shoes. (Sign me up.)

But let’s not confuse the real choices women make with what are not choices at all. 


Sallie Krawcheck Signature


Disclosures

© 2024 Ellevest, Inc. All Rights Reserved.

All opinions and views expressed by Ellevest are current as of the date of this writing, are for informational purposes only, and do not constitute or imply an endorsement of any third party’s products or services.

Information was obtained from third-party sources, which we believe to be reliable but are not guaranteed for accuracy or completeness.

The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities, and should not be considered specific legal, investment, or tax advice. Nothing contained herein may be relied upon as a guarantee, promise, assurance or a representation as to the future.

The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person.

Investing entails risk, including the possible loss of principal, and past performance is not predictive of future results.

Ellevest, Inc. is an SEC-registered investment adviser. Ellevest fees and additional information can be found at www.ellevest.com.

A newsletter you’ll love

Get all the news, advice, and must-know info on women, money, and career.

SIGN UP
Sallie Krawcheck

Sallie Krawcheck is the CEO and founder of Ellevest. In a sea of financial services sameness, Ellevest manages more than $2 billion in assets, and stands apart with its mission to get more money in the hands of women. Prior to Ellevest, Krawcheck was one of the only financial executives of her generation to have held C-suite roles at the largest global banks — as CEO of Merrill Lynch, Smith Barney, US Trust, and Sanford Bernstein and as CFO of Citi. Today, as a venture-funded entrepreneur, she’s beat impossibly long odds to raise $144 million in venture capital funding. Fortune Magazine has called Krawcheck “The Last Honest Analyst,” Barron’s considers her one of the “Most Influential Women in US Finance,” and Vanity Fair has named her to their “New Establishment List.”