front cover of Aging Issues in the United States and Japan
Aging Issues in the United States and Japan
Edited by Seiritsu Ogura, Toshiaki Tachibanaki, and David A. Wise
University of Chicago Press, 2001
The population base in both the United States and Japan is growing older and, as those populations age, they provoke heretofore unexamined economic consequences. This cutting-edge, comparative volume, the third in the joint series offered by the National Bureau of Economic Research and the Japan Center for Economic Research, explores those consequences, drawing specific attention to four key areas: incentives for early retirement; savings, wealth, and asset allocation over the life cycle; health care and health care reform; and population projections.

Given the undeniable global importance of the Japanese and U.S. economies, these innovative essays shed welcome new light on the complex correlations between aging and economic behavior. This insightful work not only deepens our understanding of the Japanese and American economic landscapes but, through careful examination of the comparative social and economic data, clarifies the complex relation between aging societies, public policies, and economic outcomes.


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The Coming Health Crisis
Who Will Pay for Care for the Aged in the 21st Century?
John R. Wolfe
University of Chicago Press, 1993
By the turn of the century, the largest generation of Americans in history, the "Baby Boomers," will be approaching 65 years old. But as the demand for health and long-term care is growing dramatically, health care programs have been shrinking instead of expanding to meet the older generation's needs. In this timely book, John R. Wolfe offers practical solutions to the coming health crisis, exploring innovative ways of developing insurance plans for the care of the large, aging "Baby Boom" generation and beyond.

In previous decades, when younger Americans far outnumbered older ones, retirees could depend on financial support through taxes from the population at large. But as "Boomers" retire and the work force begins to shrink, there will be a disproportionately large population of retirees to workers. With such a big jump in the percentage of older Americans in the population, fewer workers will be able to to transfer funds, through taxes, to retirees. Moreover, other traditionally reliable sources of financial assistance—Social Security, Medicare, and Medicaid—have faced serious financial difficulties in recent years. Who will the aged turn to for assistance?

The Coming Health Crisis suggests that as funds from all quarters dwindle, older Americans will have to look to alternative programs for financial assistance. Wolfe urges immediate action to develop new saving programs and increase existing transfer schemes to head off an imminent crisis. Although tax increases might provide some resources, he demonstrates that it is more important to accumulate capital to create solid reserves for the future. Wolfe also explores two roles for government: prefunding new or existing social insurance programs and promoting private insurance options. By exempting insurance fund income from corporate taxation and permitting people at all income levels to defer income tax on accounts earmarked for long-term care, he shows how government could greatly encourage and expand personal saving.

Finally, this work assesses the value of other recent health and long-term-care innovations: social/health maintenance organizations, long-term-care individual retirement accounts, and reverse annuity mortgages, in addition to vouchers, care rationing, mandatory public insurance, and expanded private coverage. Through this wide-ranging survey, Wolfe demonstrates that, through a combination of these programs, we can care for the aging "Baby Boom" generation by anticipating their needs and saving now.
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front cover of The Economic Effects of Aging in the United States and Japan
The Economic Effects of Aging in the United States and Japan
Edited by Michael D. Hurd and Naohiro Yashiro
University of Chicago Press, 1997
Due to falling fertility rates, the aging of the baby-boom cohort, and increases in life expectancy, the percentage of the population that is elderly is expected to increase rapidly in the United States and Japan over the next two decades. These fourteen essays show that, despite differences in culture and social and government structure, population aging will have many similar macro and micro effects on the economic status and behavior of the elderly in both countries.

The most obvious effects will be on social programs such as public pension systems and the provision for medical needs of the elderly. But, the contributors demonstrate, aging will also affect markets for labor, capital, housing, and health care services. It will affect firms through their participation in the demand side of the labor market and through their provisions for pensions. And aging will influence saving rates, the rate of return on assets, the balance of payments, and, most likely, economic growth.

This volume will interest scholars and policy makers concerned with the economics of aging.
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A Generation of Change
A Profile of America's Older Population
Jacob S. Siegel
Russell Sage Foundation, 1993
A Generation of Change is an exceptional study of the nation's elderly, a population that has undergone profound changes in the years since World War II. As modern medicine extends the average life span and the baby boom generation begins to approach middle age, the number of older Americans is expected to more than double in the next century. Currently, 75 percent of U.S. health care expenditures go toward the elderly. But as national trends toward early retirement and low birthrate continue, an aging American population could face crises in meeting their financial and physical needs. According to Jacob S. Siegel in A Generation of Change, astute public planning must be informed by an understanding of the demographic, social, and economic characteristics of the older population, as it is today and as it will be in the coming years. Siegel employs census and survey data from 1950 through the mid-1980s to describe a population constantly shifting in its ethnic and gender composition, geographic distribution, marital and living arrangements, health, employment, and economic status. Surprisingly, there is tremendous disparity in the quality of life among the elderly. Although their average poverty rate is below that of the general population, there are dramatic levels of poverty among older women, who are far more likely than men to live alone or in institutions. As the elderly progress from the "young old" to the "aged old"—those over 85—sharp differences emerge as income and employment decrease and degrees of chronic illness increase. In addition, residential location influences the quality of health care and public assistance available to the elderly, an effect that may account for the marked migration of older people to Florida and Arizona. Siegel analyzes the full range of characteristics for this heterogenous population and, through comparisons with other age groups as well as with the elderly of the previous decades, portrays the crucial influence of social and economic conditions over the life course on the quality of later life. With our elderly population growing more numerous and long lived, accurate information about them is increasingly essential. A Generation of Change will serve as a valuable resource for policymakers seeking more effective solutions in critical areas such as housing, long-term health care, and the funding of Social Security and retirement programs. A Volume in the Russell Sage Foundation Census Series
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Immigrants and Boomers
Forging a New Social Contract for the Future of America
Dowell Myers
Russell Sage Foundation, 2007
"This story of hope for both immigrants and native-born Americans is a well-researched, insightful, and illuminating study that provides compelling evidence to support a policy of homegrown human investment as a new priority. A timely, valuable addition to demographic and immigration studies. Highly recommended." —Choice Virtually unnoticed in the contentious national debate over immigration is the significant demographic change about to occur as the first wave of the Baby Boom generation retires, slowly draining the workforce and straining the federal budget to the breaking point.  In this forward-looking new book, noted demographer Dowell Myers proposes a new way of thinking about the influx of immigrants and the impending retirement of the Baby Boomers. Myers argues that each of these two powerful demographic shifts may hold the keys to resolving the problems presented by the other. Immigrants and Boomers looks to California as a bellwether state—where whites are no longer a majority of the population and represent just a third of residents under age twenty—to afford us a glimpse into the future impact of immigration on the rest of the nation. Myers opens with an examination of the roots of voter resistance to providing social services for immigrants. Drawing on detailed census data, Myers demonstrates that long-established immigrants have been far more successful than the public believes. Among the Latinos who make up the bulk of California's immigrant population, those who have lived in California for over a decade show high levels of social mobility and use of English, and 50 percent of Latino immigrants become homeowners after twenty years. The impressive progress made by immigrant families suggests they have the potential to pick up the slack from aging boomers over the next two decades. The mass retirement of the boomers will leave critical shortages in the educated workforce, while shrinking ranks of middle-class tax payers and driving up entitlement expenditures. In addition, as retirees sell off their housing assets, the prospect of a generational collapse in housing prices looms. Myers suggests that it is in the boomers' best interest to invest in the education and integration of immigrants and their children today in order to bolster the ranks of workers, taxpayers, and homeowners America they will depend on ten and twenty years from now. In this compelling, optimistic book, Myers calls for a new social contract between the older and younger generations, based on their mutual interests and the moral responsibility of each generation to provide for children and the elderly. Combining a rich scholarly perspective with keen insight into contemporary political dilemmas, Immigrants and Boomers creates a new framework for understanding the demographic challenges facing America and forging a national consensus to address them.
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