Older cohorts of the 65 population have lower income

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Older cohorts of the 65+ population have lower income than those more recently turning 65 When you compare younger to older cohorts using cross-sectional data, you are able to use a lower median household income Incomes of men is constantly higher than women The downward slope of income across age groups for the “all-persons” category is steeper than that for men This is cause there is a difference in mortality between men and women which is that men die faster than women As cohort reach age of 65 each one has included a higher percentage of people with SS retirement benefits and income from pensions or assets So when we say that the poverty in the older generation has improved this is because the poorer members of the oldest cohorts have died and been replaced by more affluent individuals moving into the 65 and older range Briefly discuss the impact of societal aging on the economy. Population aging can have an effect on aggregate economic activity, the size and composition of the labor force, economic productivity, and the structure of demand and consumption of goods and services Economic Life cycle Hypothesis Rational economic planners accumulate assets of various types including personal savings and home equity and investing into 401k Economically secure people often die leaving an estate while others die and may “outlive their money” and those require assistance to pay for basic needs Consumer Patterns The degree to which this group is both able and willing to spend discretionary income on goods and services will have a major impact on the overall vigor and size of the economy Describe the theory of cumulative inequality. This theory is able to describe this process, whereby individuals who have early opportunities for success (better live chances) more often build on that success to perpetuate their advantages also carry those disadvantages forward through sequential life stages, often resulting in less economic security. Politics and Government, US and Global (Chapters 9/10) Describe the impact of the three sequential constructions of old age on the old-age welfare state. Dependent: Positive view in society + limited political/economic power Era of compassionate ageism SS, Medicare, ERISA, Older American’s Act
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Advantaged: Positive view in society + greater political/economic power Concerns about costs and consequences of age-based policies in an aging society began to grow Contender: Negative view in society + greater political/economic power There is significant evidence of movement in a negative direction These developments signals the movement of old age away from advantaged toward contender status There is a question in viability of old-age welfare state because the points of views are moving from away from a broad point of view which supported passage and funding for these programs Another possibility is that old age will no longer remain a category for policy but, subgroups like the poor, disabled, and those lacking support will be addressed through age-neutral categories Discuss the evidence surrounding the policy debates on generational equity, social security, and age/need eligibility.
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  • Summer '16
  • AngelaJenks
  • AGING

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