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Social Security and the Evolution of Elderly Poverty

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Author Info
Gary V. Engelhardt
Jonathan Gruber

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Abstract

We use data from the March 1968-2001 Current Population Surveys to document the evolution of elderly poverty over this time period, and to assess the causal role of the Social Security program in reducing poverty rates. We develop an instrumental variable approach that relies on the large increase in benefits for birth cohorts from 1885 through 1916, and the subsequent decline and flattening of real benefits growth due to the Social Securing 'notch', to estimate of Social Security on elderly poverty. Our findings suggest that over all elderly families the elasticity of poverty to benefits is roughly unitary. This suggests that reductions in Social Security benefits would significantly alter the poverty of the elderly.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10466.

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Date of creation: May 2004
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Handle: RePEc:nbr:nberwo:10466

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Find related papers by JEL classification:
I3 - Health, Education, and Welfare - - Welfare and Poverty
H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Stephen E. Snyder & William N. Evans, 2002. "The Impact of Income on Mortality: Evidence from the Social Security Notch," NBER Working Papers 9197, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Sawhill, Isabel V, 1988. "Poverty in the U.S.: Why Is It So Persistent?," Journal of Economic Literature, American Economic Association, vol. 26(3), pages 1073-119, September. [Downloadable!] (restricted)
  3. Martin Feldstein & Jeffrey B. Liebman, 2001. "Social Security," NBER Working Papers 8451, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
    • Feldstein, Martin & Liebman, Jeffrey B., 2002. "Social security," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 32, pages 2245-2324 Elsevier. [Downloadable!] (restricted)
  4. Krueger, Alan B & Pischke, Jorn-Steffen, 1992. "The Effect of Social Security on Labor Supply: A Cohort Analysis of the Notch Generation," Journal of Labor Economics, University of Chicago Press, vol. 10(4), pages 412-37, October. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Timothy Smeeding & Susanna Sandstrom, 2004. "Poverty and Income Maintenance in Old Age: A Cross-National View of Low Income Older Women," Working Papers, Center for Retirement Research at Boston College 2004-29, Center for Retirement Research. [Downloadable!]
  2. John R. Moran & Kosali Ilayperuma Simon, 2005. "Income and the Use of Prescription Drugs by the Elderly: Evidence from the Notch Cohorts," NBER Working Papers 11068, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Brian S. Armour & M. Melinda Pitts, 2006. "Smoking: taxing health and Social Security," Working Paper 2006-12, Federal Reserve Bank of Atlanta. [Downloadable!]
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  4. Melvin Stephens Jr., 2005. "The Impact of the 1972 Social Security Benefit Increase on Household Consumption," Working Papers wp095, University of Michigan, Michigan Retirement Research Center. [Downloadable!]
  5. Madonna Harrington Meyer & Douglas A. Wolf & Christine L. Himes, 2006. "How Will Declining Rates of Marriage Reshape Eligibility for Social Security?," Center for Policy Research Policy Briefs 33, Center for Policy Research, Maxwell School, Syracuse University. [Downloadable!]
  6. Jagadeesh Gokhale & Kent Smetters, 2005. "Measuring Social Security's Financial Problems," NBER Working Papers 11060, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Cherchye, L. & Rock, B. de & Vermeulen, F.M.P., 2008. "Economic Well-Being and Poverty Among the Elderly: An Analysis Based on a Collective Consumption Model," Discussion Paper 2008-15, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  8. Agneta Stark & Nancy Folbre & Lois Shaw & Timothy Smeeding & Susanna Sandström & Lois Shaw & Sunhwa Lee & Kyunghee Chung, 2005. "Explorations Gender and Aging: Cross-National Contrasts," Feminist Economics, Taylor and Francis Journals, vol. 11(2), pages 163-197, July. [Downloadable!] (restricted)
  9. Deanna Sharpe, 2008. "Economic Status of Older Asians in the United States," Journal of Family and Economic Issues, Springer, vol. 29(4), pages 570-583, December. [Downloadable!] (restricted)
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