Macroeconomic Consequences of Population Aging in the United States: Overview of a National Academy Report
American Economic Review · 2014 · Volume 104 · Issue 5
Abstract
The US population will age rapidly for several decades and then more slowly, with less aging than most rich nations. Health of the elderly has greatly improved, but disability stagnated after 2000. Retirement age reversed its decline in the mid-1990s and health status leaves ample room for increased elder labor supply. Many older people have inadequate retirement savings and face additional risks including uncertainty about both public and private pensions and health insurance. Population aging may cause a small decline in rates of return. The main problem is the impact of population aging on public programs for the elderly.
Keywords
Macroeconomics: Consumption, Saving, Wealth, Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital, Social Security and Public Pensions, Health Insurance, Public and Private, Economics of the Elderly, Economics of the Handicapped, Non-labor Market Discrimination, Time Allocation and Labor Supply, Nonwage Labor Costs and Benefits, Retirement Plans, Private Pensions
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