Chap09 Social Insurance I Social Security(西方财政学-厦门大学,曾建华).pptVIP

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Chap09 Social Insurance I Social Security(西方财政学-厦门大学,曾建华).ppt

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Chap09 Social Insurance I Social Security(西方财政学-厦门大学,曾建华)

Structure of Social Security:Distributional Issues Married couples with uncovered spouses gain relative to single people because of the 50% PIA adjustment. Married couples with uncovered spouses gain relative to married couples with two earners. If the secondary earner would have a sufficiently low PIA (e.g., PIA2 is small relative to PIA1), then the higher PIA (PIA1) entirely determines the benefit. All of the payroll contributions for PIA2 in this case are taxed away. Structure of Social Security:Distributional Issues Economic status of the Aged Elderly used to be a relatively disadvantaged group Elderly now have lower poverty rates than the average household Effects on Economic Behavior Saving behavior Retirement decisions Effects on Economic Behavior: Saving behavior Life-cycle theory of savings states that consumption and savings decisions are based on lifetime considerations. Generally want to “consumption-smooth” Thus, should save during working years when income is high, and dissave during retirement years when income is low. Effects on Economic Behavior: Saving behavior Social Security affects these incentives Wealth substitution effect: Households view the government as doing some of this saving for them (↓S) Retirement effect: Social Security may induce people to retire earlier, thus more periods of retirement to finance (↑S) Bequest effect: Social Security redistributes from the young to the old, and parents may offset this with larger bequests (↑S) Effects on Economic Behavior: Saving behavior Net effect of Social Security on personal savings decisions is ambiguous. Empirical work finds that Social Security increases consumption and reduces savings (e.g., the wealth substitution effect dominates). Calculations suggest Social Security reduced personal savings from $744 to $296 billion. Huge negative impact Effects on Economic Behavior: Retirement decisions Dramatic fall in labor force participation among men over 65 In 1930, 54% in labor force. In