Covid-19 and the economy, part one, 50th anniversary, summer 2020 special edition
In: Brookings papers on economic activity 2020, summer, special edition
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In: Brookings papers on economic activity 2020, summer, special edition
In: NBER International Seminar on Macroeconomics, Band 2005, Heft 1, S. 11-64
ISSN: 2150-8372
In: Annual World Bank Conference on Development Economics 2011: Development Challenges in a Post-crisis World; Annual World Bank Conference on Development Economics (Global), S. 281-360
In: Institute of Economic Affairs Monographs, Readings 64
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In: The Geneva papers on risk and insurance - issues and practice, Band 42, Heft 3, S. 475-499
ISSN: 1468-0440
In: NBER Working Paper No. w23329
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Working paper
Older Americans have experienced dramatic gains in life expectancy in recent decades, but an emerging literature reveals that these gains are accumulating mostly to those at the top of the income distribution. We explore how growing inequality in life expectancy affects lifetime benefits from Social Security, Medicare, and other programs and how this phenomenon interacts with possible program reforms. We first project that life expectancy at age 50 for males in the two highest income quintiles will rise by 7 to 8 years between the 1930 and 1960 birth cohorts, but that the two lowest income quintiles will experience little to no increase over that time period. This divergence in life expectancy will cause the gap between average lifetime program benefits received by men in the highest and lowest quintiles to widen by $130,000 (in $2009) over this period. Finally we simulate the effect of Social Security reforms such as raising the normal retirement age and changing the benefit formula to see whether they mitigate or enhance the reduced progressivity resulting from the widening gap in life expectancy.
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In: International organization, Band 61, Heft 3, S. 527
ISSN: 0020-8183