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Social Security and Trends in Wealth Inequality | Hoover Institution
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Wednesday, November 29, 2023
Hoover Institution | Stanford University
Sylvain Catherine, assistant professor of Finance at the University of Pennsylvania Wharton School of Business, discussed “Social Security and Trends in Wealth Inequality,” a paper with Max Miller (Harvard University), and Natasha Sarin (Yale University).
PARTICIPANTS
Sylvain Catherine, John Taylor, Alphanso Adams, Michael Boskin, Pedro Carvalho, John Cochrane, John Cogan, Bradley Combest, Steven Davis, Sami Diaf, Christopher Erceg, Andy Filardo, Bob Hall, Eric Hanushek, Jon Hartley, Robert Hodrick, Ken Judd, Matthew Klein, Evan Koenig, Tom Kulisz, David Laidler, Ross Levine, John Lipsky, Lilia Maliar, Michael Melvin, Axel Merk, Max Miller, Radek Paluszynski, Elena Pastorino, Charles Plosser, Randal Quarles, Valerie Ramey, Josh Rauh, Flavio Rovida, Paola Sapienza, Paul Schmelzing, Alison Shrager, David Splinter, Jack Tatom, Eric Wakin
ISSUES DISCUSSED
Sylvain Catherine, assistant professor of Finance at the University of Pennsylvania Wharton School of Business, discussed “Social Security and Trends in Wealth Inequality,” a paper with Max Miller (Harvard University), and Natasha Sarin (Yale University).
John Taylor, the Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow in Economics at the Hoover Institution, was the moderator.
PAPER SUMMARY
Recent influential work finds large increases in inequality in the U.S. based on measures of wealth concentration that notably exclude the value of social insurance programs. This paper shows that top wealth shares have not changed much over the last three decades when Social Security is properly accounted for. This is because Social Security wealth increased substantially from $7 trillion in 1989 to $39 trillion in 2019 and now represents 49% of the wealth of the bottom 90% of the wealth distribution. This finding is robust to potential changes to taxes and benefits in response to system financing concerns.
To read the paper click the following link
To read the slides, click the following links
Hoover Institution | Stanford University
Sylvain Catherine, assistant professor of Finance at the University of Pennsylvania Wharton School of Business, discussed “Social Security and Trends in Wealth Inequality,” a paper with Max Miller (Harvard University), and Natasha Sarin (Yale University).
PARTICIPANTS
Sylvain Catherine, John Taylor, Alphanso Adams, Michael Boskin, Pedro Carvalho, John Cochrane, John Cogan, Bradley Combest, Steven Davis, Sami Diaf, Christopher Erceg, Andy Filardo, Bob Hall, Eric Hanushek, Jon Hartley, Robert Hodrick, Ken Judd, Matthew Klein, Evan Koenig, Tom Kulisz, David Laidler, Ross Levine, John Lipsky, Lilia Maliar, Michael Melvin, Axel Merk, Max Miller, Radek Paluszynski, Elena Pastorino, Charles Plosser, Randal Quarles, Valerie Ramey, Josh Rauh, Flavio Rovida, Paola Sapienza, Paul Schmelzing, Alison Shrager, David Splinter, Jack Tatom, Eric Wakin
ISSUES DISCUSSED
Sylvain Catherine, assistant professor of Finance at the University of Pennsylvania Wharton School of Business, discussed “Social Security and Trends in Wealth Inequality,” a paper with Max Miller (Harvard University), and Natasha Sarin (Yale University).
John Taylor, the Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow in Economics at the Hoover Institution, was the moderator.
PAPER SUMMARY
Recent influential work finds large increases in inequality in the U.S. based on measures of wealth concentration that notably exclude the value of social insurance programs. This paper shows that top wealth shares have not changed much over the last three decades when Social Security is properly accounted for. This is because Social Security wealth increased substantially from $7 trillion in 1989 to $39 trillion in 2019 and now represents 49% of the wealth of the bottom 90% of the wealth distribution. This finding is robust to potential changes to taxes and benefits in response to system financing concerns.
To read the paper click the following link
To read the slides, click the following links
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