The economic crisis that began in 2008 has had a significant impact on the well-being of certain segments of the population and its disruptive effects can be expected to last well into the future. The National Institute on Aging (NIA), which is concerned with this issue as it affects the older population in the United States, asked the National Research Council to review existing and ongoing research and to delineate the nature and dimensions of potential scientific inquiry in this area. The Committee on Population thus established the Steering Committee on the Challenges of Assessing the Impact of Severe Economic Recession the Elderly to convene a meeting of experts to discuss these issues. The primary purpose of the workshop was to help NIA gain insight into the kinds of questions that it should be asking, the research that it should be supporting, and the data that it should be collecting. Attendees included invited experts in the fields of economics, sociology, and epidemiology; staff from NIA and the Social Security Administration (SSA); and staff from the National Academies. This report highlights the major issues that were raised in the workshop presentations and discussion.
Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change.
The first wave of the 78 million member baby boom generation is now reaching retirement age. The number of people age 62, the earliest age of eligibility for Social Security retired worker benefits, is expected to be 21 percent higher in 2009 than in 2008. In addition, by 2030, the number of workers supporting each retiree is projected to be 2.2, down from 3.3 in 2006. This demographic shift poses challenges to the economy, federal tax revenues, the nation's old-age programs, and individuals' financial security in retirement. For those who are able to work longer, later retirement can strengthen the economy and also retiree incomes by postponing the time at which people will start drawing retirement benefits rather than working. A wide range of factors including the features of employers' benefit plans, personal finances, social norms, health, and individual attitudes influence workers' decisions about when to retire. Federal policies may also play a role: these include Social Security, Medicare, and tax policies related to certain private retiree health and defined benefit (DB) and defined contribution (DC) pension plans.1 Identifying both the incentives posed by these policies and the extent to which workers respond to them can help to inform policy makers as they consider ways to address the demographic challenges facing the nation. To determine the extent to which federal policiesdirectly and indirectly-pose incentives and are influencing individuals decisions about the age at which they retire, the authors have pursued the following questions: (1) What incentives do federal policies provide about when to retire? (2) What are the recent retirement patterns, and is there evidence that recent changes in Social Security requirements have resulted in later retirements? (3) Is there evidence that tax-favored private retiree health insurance and pension benefits have influenced when people retire? This is a revised and excerpted version.
This unique volume offers a definitive new history of European economies at war from 1914 to 1918. It studies how European economies mobilised for war, how existing economic institutions stood up under the strain, how economic development influenced outcomes and how wartime experience influenced post-war economic growth. Leading international experts provide the first systematic comparison of economies at war between 1914 and 1918 based on the best available data for Britain, Germany, France, Russia, the USA, Italy, Turkey, Austria-Hungary and the Netherlands. The editors' overview draws some stark lessons about the role of economic development, the importance of markets and the damage done by nationalism and protectionism. A companion volume to the acclaimed The Economics of World War II, this is a major contribution to our understanding of total war.
This book has three main parts: (1) the challenges of the U.S. health care system; (2) the impacts of economic recessions and high unemployment on the U.S. population’s health; and (3) recommendations or a look into what might improve the health care system. Part I, through a dissection of the challenges faced by the U.S. health care system, exposes the particularities and the vulnerabilities of the system. It shows the role played by businesses and employment in the U.S. population’s health and describes major challenges of the health care system such as astronomical health care costs, the average family health spending – which is exceedingly high, wasteful spending, death due to inaccessibility to health care, and the hardships that medical costs created for more than half of Americans. Part II is an analysis as to why do economic recessions have health implications. That analysis is done by considering the health implications of economic recessions both at the micro and macroeconomic levels and by considering the societal costs of uninsurance or inaccessibility to health care due to economic recessions and high unemployment. Part III primarily focuses on what can make the system better, that is more efficient and more cost-effective. Ironically, as Part III argues, there are a myriad of feasible recommendations that are waiting to be fully explored, agreed upon, adopted and implemented nationwide: · Design labor and fiscal policies aimed at preventing economic recessions and high unemployment o Blend labor and fiscal policies into structural reforms · Create job security and take other steps that guarantee health care security during financial hardship · Improve health outcomes through nationwide permanent supportive housing to combat chronic homelessness during economic recessions and high unemployment · Prioritize the use of more cost-effective medical technologies o Promote telemedicine to reduce costs and improve accessibility to health care · Eliminate health disparities thanks to the democratization of health care · Promote health literacy and the valorization of communities · Design policies or procedures that 1) promote health care costs reduction and efficiency through affordable insurance coverage and 2) eliminate Wasteful spending: o Extend drug coverage and implement cost-effective pricing policies o Extend coverage of more medical procedures and implement cost-effective policies On the other hand, Part III also sells the idea of a thorough and bold revolution in our health care system, which would make health care a right of citizenship. It does so by analyzing the political, social, ethical, and economic aspects of the issue. Furthermore, it argues that the relationship between universal health care and economics justifies the notion of “health care as a right of citizenship.”
The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Never Enough challenges the prevailing assumptions about the decline of middle-class prosperity, opportunity, and material well-being in the United States. In a careful reading of the evidence and a critical analysis of its implications, Gilbert demonstrates the extent to which the customary progressive claims about the severity of poverty, inequality, social mobility, and the benefits of universalism not only distort the empirical reality of modern life in an era of abundance, but confound efforts to help those most in need.
When the end of life makes its inevitable appearance, people should be able to expect reliable, humane, and effective caregiving. Yet too many dying people suffer unnecessarily. While an "overtreated" dying is feared, untreated pain or emotional abandonment are equally frightening. Approaching Death reflects a wide-ranging effort to understand what we know about care at the end of life, what we have yet to learn, and what we know but do not adequately apply. It seeks to build understanding of what constitutes good care for the dying and offers recommendations to decisionmakers that address specific barriers to achieving good care. This volume offers a profile of when, where, and how Americans die. It examines the dimensions of caring at the end of life: Determining diagnosis and prognosis and communicating these to patient and family. Establishing clinical and personal goals. Matching physical, psychological, spiritual, and practical care strategies to the patient's values and circumstances. Approaching Death considers the dying experience in hospitals, nursing homes, and other settings and the role of interdisciplinary teams and managed care. It offers perspectives on quality measurement and improvement, the role of practice guidelines, cost concerns, and legal issues such as assisted suicide. The book proposes how health professionals can become better prepared to care well for those who are dying and to understand that these are not patients for whom "nothing can be done."
Economic shocks pose a threat to health and health system performance by increasing people's need for health care and making access to care more difficult - a situation compounded by cuts in public spending on health and other social services. But these negative effects can be avoided by timely public policy action. While important public policy levers lie outside the health sector, in the hands of those responsible for fiscal policy and social protection, the health system response is critical. This book looks at how health systems in Europe reacted to pressure created by the financial and economic crisis that began in 2008. Drawing on the experience of over 45 countries, the authors:' analyse health system responses to the crisis in three policy areas: public funding for the health system; health coverage; and health service planning, purchasing and delivery 'assess the impact of these responses on health systems and population health' identify policies most likely to sustain the performance of health systems facing financial pressure' explore the political economy of implementing reforms in a crisisThe book is essential reading for anyone who wants to understand the choices available to policy-makers - and the implications of failing to protect health and health-system performance - in the face of economic and other forms of shock.--
The Baby Boomer generation is facing a time of heightened uncertainty. Blessed with unprecedented levels of education, health, and life expectancy, many hope to contribute to society after their retirement. Yet they must also navigate ambiguous career exits and retirement paths, as established scripts for schooling, parenting, and careers continue to unravel. In Encore Adulthood, Phyllis Moen presents the realities of the "encore" life stage - the years between traditional careers and childraising and old age. Drawing on large-scale data sets and interviews with Boomers, HR personnel, and policymakers, this book illuminates the challenges that Boomers encounter as they transition from traditional careers into retirement. Beyond data analysis, Moen discusses the personal impact for Boomers' wellbeing, happiness, and health when they are unable to engage in meaningful work during their encore years, as well as the potential economic loss that would occur when a large, qualified group of people prematurely exit the workforce. Moen concludes with proposals for a range of encore jobs that could galvanize Boomers to take on desirable and sought-after second acts, emphasizing meaningful work over high-paying jobs and flexibility over long hours. An important analysis of an understudied and new life stage, Encore Adulthood makes an important contribution to the existing scholarship on careers, work, and retirement.
