Full Citation

Title: Who Wins and Who Loses? Public Transfer Accounts for US Generations Born 1850 to 2090

Citation Type: Working Paper

Publication Year: 2004

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Abstract: Public transfer programs in industrial nations have massive long term fiscal imbalances, and apparently permit the elderly to benefit through pension and health care programs at the cost of the young and future generations. However, the intergenerational picture is turned upside down when public education is included in generational accounts along with pensions and health care. We calculate the net present value (NPV) of benefits received minus taxes paid for US generations born 1850 to 2090, and find that all generations born from 1950 to 2050 are net gainers, while many of today's old people are net losers. Windfall gains for early generations when Social Security and Medicare started up partially offset windfall losses when public education was started, roughly consistent with the Becker-Murphy theory.

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Authors: Bommier, Antoine; Zuber, Stephane; Miller, Timothy; Lee, Ronald

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Publication Number: 10969

Institution: National Bureau of Economic Research

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Data Collections: IPUMS USA

Topics: Aging and Retirement, Other, Poverty and Welfare

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