RutgersAgingEuropePresentation

RutgersAgingEuropePresentation - More Reliance on Private...

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Aging Populations and Entitlement Reform in Europe Mitchell A Orenstein Johns Hopkins University SAIS
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Oldest Populatio n in World
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Projecte d to Age Further
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Why?
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Why?
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Pension Crisis Europeans rely mostly on state pension One pensioner for every four workers now Projected to rise to one pensioner for every two workers by 2050 How much would tax have to rise? How much would pension age have to rise? How much would budget deficit have to rise?
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Policy Responses Raise retirement age Force people to rely more on private savings Increase migration Have more babies
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Raise Retirement Age Retirement ages increasing from 60-65 to 65-67 in many countries Represents a cut in benefits Implies an older work force May be most sensible solution
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Unformatted text preview: More Reliance on Private Savings Reduce generosity of state pension Encourage or require individual savings Increases inequality and poverty Increase Migration Migrants tend to be working age Have higher fertility rate at first But fertility rate declines over time Political reactions Have More Babies Subsidized day care Cash payments for parents Affordable housing A lot of work! What Lessons for US? Very few Already have higher retirement age Already have more private savings Already have more immigration Already have more babies US social security system is in much better shape...
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RutgersAgingEuropePresentation - More Reliance on Private...

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