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ECONOMIC ROLES OF
GOVERNMENT IN A
MARKET ECONOMY
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Under Ideal Market Conditions
Almost no role as long as societyonly cares about efficiency
Define and enforce privateproperty rights
Outcome will be efficient
That state of the world in which all
opportunities to make someone better off
without making anyone worse off are
exhausted
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Efficiency means not wasting
resources
all resources allocated so that no more of
one type of good can be produced
without having to produce less of another
type of good.
This concept of production efficiency can
be illustrated with a Production
Possibilities Curve
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Consumption Goods
CapitalGoods
0
Efficient
Inefficient
Production Possibilities Curve
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More generally, we can illustrate
efficiency with Supply/Demand efficiency means maximizing societysnet benefits from producing/consuming
supply curve reflects societys marginalcost of producing a good (MSC)
demand curve reflects societys marginal
benefit of consuming a good (MSB) societys net benefits are maximized
where MSC=MSB
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S = MSC
D = MSB
Qe
0
$
ApplesQ1 Q2
At Q1 MSB>MSC
so society can gainthis much extra net
benefit
At Q2 MSB
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In the Real World
Conditions are not ideal
market failures externalities
public goods
monopolies
business cycle recessions
economic booms
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Society cares about more than
efficiencycares about economic fairness
whatever that is!
wants to impose certain paternalistic
requirements on consumption merit/demerit goods
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The Roles of Government
Allocation
correcting market failures
merit/demerit goods
Redistributionredistributive tax structure
redistribution in cash and in kind
Stabilization
fiscal policy
monetary policy
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Allocation
Correcting market failure
externalitiespublic goods
monopolies
merit and demerit goods
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Externalities
Negative externality
costs not accounted for by economic
decision maker Positive externality
benefits not accounted for by economic
decision maker
Externalities (both + and -) in
production and consumption
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Causes divergence between market
supply and MSC or market demandand MSB
Thus, market equilibrium not
efficient
that is, the market fails to achieve an
efficient statesociety stands to gain from government
correction of the market failure
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Happens because of failure to
define a property right Air pollution
lack of private property right to the
atmosphere
factory uses the atmosphere as an input
for which it does not pay
society incurs a cost not accounted for by
the factory
too much of good produced
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D=MSB
S
MSC$
Q0
External cost
QmarketQeff
A
B
CABC = welfare loss triangle
= net social gain from
reducing output to Qeff
overproduction
Negative Externality From Pollution
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Education
students receive private benefits fromeducation
others receive benefit of associating with
educated personstudent cannot capture this public benefit
i.e., lacks property right needed to charge for this
service to others
causes too little education to be
consumed
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Q0
$
D
MSB
S=MSC
Qmarket
Qeff
A
B
C
= welfare loss triangle
= net social gain fromincreasing output to Qeff
ABC
Positive Externality From Education
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Externality Policies
PollutionPigouvian taxes
tax factory
shifts S up to MSC how to measure value of pollution/amount of tax
not common
gas tax
tax the product
works in short run but no incentive to find less
polluting technology
tax the pollutant
better long run incentives
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command and control
require pollution reducing capital, clean
fuels, etc. e.g., stack scrubbers
lacks long run incentive to find better technology same rules for all firms regardless of costs
easier to administer and politically more acceptable
past reluctance to adopt market-based solutions like taxes
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pollution rights
1990 Clean Air Act radical market-based departure from traditionalreliance on standards
power generating firms issued rights to pollute
these rights were for a level of pollution much lower thanthen-current levels
these rights are auctioned on the Chicago Board of
Trade
firms able to reduce pollution at lower cost than the price
of a pollution right will sell
firms for which the cost of pollution reduction is higher
will buy
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more pollution reduction by
allowing firms that can reduce at
lowest cost to reduce the most
incentive to find new ways to
produce power with less pollution anyone can buy, including
environmental groups
want to rid the Earth of a ton of S02each year? Itll cost you about
$200!
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Public Goods
an apple is a PRIVATE good
national defense is a PUBLIC good
What distinguishes private goods
from public goods?private goods are EXCLUDABLE
public goods are NONEXCLUDABLE an apple is a private good because a consumer who
does not pay the price can be excluded from
consuming it
no one can be excluded from consuming public
goods -- can anyone not be protected?
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private goods are RIVAL in consumption
public goods are NONRIVAL in
consumption if I eat an apple, you cannot
when I consume national defense, its still there for
you to consume
therefore, it costs nothing to provide to additionalconsumers
therefore, the efficient price is zero
since no one can be excluded from
consuming a public good, and since theefficient price is zero, the private sector
would ordinarily not be able to provide it
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WARNING! A good is public or
private because of thesecharacteristics, not because the
government provides it or doesnt
governments provide all sorts of things,including private goods
e.g., electricity, steel
private sector sometimes finds ways toprovide public goods
e.g., TV broadcasting
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Government provides public goods
at zero price Funding out of general budget
we pay taxes based on income,
consumption, etc., not on the amount ofpublic goods we consume
for example, a household earning $100,000 pays
more tax than a household earning $10,000 but bothconsume the same national defense
Quantity determined through
political process
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Mixed Goods
Mixed goods have characteristicsof both private and public goods
sometimes characteristics depend on
circumstances highways are nonrival as long as few drivers are on
them but become rival with congestion
sometimes a nonexcludable goodbecomes excludable when technology
changes
city streets
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Monopoly
Perfectly competitive firms
produce efficient output
efficient output where P=MC
Monopolies restrict output and
drive up pricemonopoly output not efficient because
P>MC
society suffers a welfare loss
l
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$
Q0
D
MC
MR
QM Qeff
Monopoly
PM
Peff
PM = monopoly price
Peff= efficient price
QM = monopoly quantity
Qeff = efficient price
Monopoly
welfare loss
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Two Types of Monopoly
Artificialrequires some kind of barrier to entry
legislated barrier, sole access to input, etc.
Microsoft??? What is Microsofts barrier to entry?
Natural
very high fixed costs must be spread overwhole market
breaking up makes no sense as it would raise
average fixed costs that would be passed on to
consumers
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Monopoly Policy
Artificialbreak up
prohibit collusion U.S. anti-trust law
Naturaltwo possibilities
regulate to force firm to act as if it were a perfectly
competitive firm the usual response to natural monopoly in U.S.
state provision the usual response everywhere else
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Merit and Demerit Goods
Goods provision of which societywants to encourage (in the case ofmerit goods) or discourage
merit education
housing
health care
demerit tobacco
alcohol
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Various subsidies and taxes used toencourage or discourageconsumption
housing allowancessin taxes on tobacco and alcohol
Direct provision
Medicaid
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Redistribution
Society cares about equity orfairness as well as efficiency
Thus a role of government is to
create a more fair distribution than
the market produces
distribution of incomedistribution of opportunity
education
health
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What is Fair?
We know what an efficientallocation is
We have no idea what a fairdistribution isequal income for all?
Redistribution creates inefficiencydistorts returns to productivity
drives wedge between cost and value
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Mechanisms to Redistribute
Via the tax structure
progressive taxation
negative income tax
Transfers
cashin-kind
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Progressive Taxation
A progressivetax makes the after-
tax (disposable) income more
equal
Burden of tax rises as income rises
as income rises, proportion of incomepaid as tax rises
in U.S., Federal Personal Income Tax
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A proportionaltax has no
redistributive effect
as income rises, proportion paid as tax
stays the same in U.S., property taxes more or less proportional
A regressivetax makes after-tax
income less equal
as income rises, proportion paid as taxfalls
in U.S., Social Security tax, sales taxes
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In U.S., overall tax structure is
proportionalprogressivity of the Personal Income Tax
is offset by regressivity of sales and
Social Security taxation
Redistributive Effect of U.S. Tax
Structure
Negative Income Tax
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Negative Income Tax
Proposed from time to time
a variant of NIT is used in U.S.
Cash assistance through income tax
Structure of a negative income taxdefine income guarantee (IG)
define rate at which transfer phased out (t)
if transfer is T,earned income is IE, anddisposable income is ID,
T = IG - t IE
ID= IE+ T
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For example, suppose
IG= $10,000
t = 0.5
then
Illustration of NIT
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IE
T ID
$0 $10,000 $10,000
$1,000 $9,500 $10,500
$2,000 $9,000 $11,000
$5,000 $7,500 $12,500
$10,000 $5,000 $15,000
$15,000 $2,500 $17,500
$20,000 $0 $20,000
Illustration of NIT
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Note that the higher IGor the lower t,the higher the income getting transfers
we can calculate break-even income, theincome at which T reaches $0:
IB= IG/t
for our example:
IB= $10,000/0.5 = $20,000
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Transfers
Taxes
45o
IB
IG
0
DisposableIncome
Earned Income (IE)
Negative Income Tax
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NIT Advantages/Disadvantages
Advantages
simple and straightforward would be administered through income tax
could replace myriad of cash and in-kind
programs
Disadvantages
either t has to be high or IGlow or NIT
gets to be very expensive
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Earned Income Tax Credit
Like an NIT but only for workers
takes the form of a tax credit on Personal
Income Tax that increases tax refund
Credits depend on income,
children, and other factorsaffecting living expenses
M j f f i f
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Major form of income support for
the poor in U.S.
As of 1996, maximum credit was40% of first $8,900
max credit therefore $3,560 Max credit earned until $11,650
and then phased out at rate of
21.06%
Dollar amounts indexed to
inflation after 1996
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45o
0
ID
IE
Earned Income Tax Credit
$8,900 $11,650 $28,450
$12,460
$15,219
$28,450
Transfers
Taxes
Transfers to the Poor (Welfare)
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Transfers to the Poor (Welfare)
Two major forms of cash transfersto the poor funded by Federal
government
Temporary Assistance to Needy Families(TANF)
Supplemental Security Income (SSI)
States also have general assistanceprograms for singles or childless
couples
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Several in-kind transfers
Medicaidfood stamps
housing assistance
other employment and training
social services
child care, rehabilitation, legal aid, etc.
energy assistance
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Temporary Assistance to Needy
Families (TANF) State administered
Federal government makes blockgrants to states to fund TANF
block grant set amount that increases
each year for inflation only if a state spends less it can keep difference
if it spends more, it has to fund difference
incentive for states to get poor off welfare
K l t f TANF
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Key elements of TANF
recipients must eventually work, be
seeking work, or be in training or school recipient who has children over the age of five and
who declines an offer of work arranged by
caseworker loses benefits
recipients lose benefits after two years without work only those with children under one year of age exempt
states receive grants to support child care so parents
can work
maximum lifetime benefit of five years
states may waive above requirements for
disabled and others unable to work
no more than 20% of caseload
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teen mothers on TANF required to
live at home with responsible adultand attend school
unmarried mothers who do not help
establish paternity lose 25% ofbenefits
funds available to help enforce child-support
laws states that reduce out-of-wedlock births the
most receive bonus from Federal
government
Each state responsible for
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Each state responsible forestablishing its own rules within
Federal requirementsFlorida cuts payments for additionalchildren born to those on TANF
Massachusetts limits support for twoyears in any five-year period
Wisconsin exempts virtually no one fromwork requirement
Mississippi has very low benefits andurges churches and charities to playgreater role
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TANF Is New
Result of major welfare reform
enacted in 1996
For article from Economist
magazine on consequences of the
reform, go to:http://www.economist.com/world/na/displayStory.
cfm?Story_ID=751378
http://www.economist.com/world/na/displayStory.cfm?Story_ID=751378http://www.economist.com/world/na/displayStory.cfm?Story_ID=751378http://www.economist.com/world/na/displayStory.cfm?Story_ID=751378http://www.economist.com/world/na/displayStory.cfm?Story_ID=7513787/27/2019 128924682 Economic Roles of Government
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Supplemental Security Income
Federally administered
Provides assistance to the poorwho are aged, blind, or disabled
States can supplement SSI
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Medicaid
Health care for the poor under 65
Jointly funded by Federal
governments and states Eligibility determined by states
generally eligible if on TANF or SSI
Medical services billed directly to
state
states determine reimbursement rates
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Most expensive of all programs of
assistance to the poor
6.35% of all Federal spending in 1997 $105 billion
projected to rise to $243 billion by 2006
24 million recipients
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Food Stamps
Federally funded and stateadministered
Recipients receive coupons thatcan be redeemed for food andrelated items
Varies with income and householdsize
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Housing Assistance
Subsidized housing for the poor
Public housing at low rents thatvary by income
Subsidies for private housing
Federal Expenditures 1997
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Federal Expenditures, 1997
% Total
Federal
Program Amount Spending
SSI $27B 1.63
TANF 20 1.21EITC 20 1.21
% T t l
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% Total
Federal
Program Amount Spending
Medicaid $105B 6.35
Food stamps 26 1.57
Social services 7 0.42Child nutrition 9 0.54
Cash versus In Kind Transfers
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Cash versus In-Kind Transfers
More than twice as much spendingin-kind than cash
although most of in-kind is Medicaid
Why not just give cash to spend as
they like?
equivalent cash would make them betteroff than in-kind from THEIR perspective
but donors are better off dictating
consumption to the poor
Mi i W
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Minimum Wage
Federal legislation requiring firmsto pay workers no less than a
minimum wage
currently $5.15 per hour
Purpose to assure workers receive
a living wage Makes low-skilled workers less
employable
Effects of Minimum Wage
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WE
WMin
0Labor
Wage
LELMin LS
DL
SLIncreased unemployment
II
Effects of Minimum Wage
I III
I: Better off - working
at higher wage
II: Worse off -
unemployedIII: Want to work at
higher wage but
cannot find work
Di t ib ti f I i U S
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Distribution of Income in U.S.
11.8% lived in poverty in 1999poverty defined as income equal to three
times that needed to buy an adequate diet
arbitrary definition but gives us a benchmark tomake annual comparisons
Percent poor fell steeply from 1960(22.2%) to 1973 (11.2%), rose tonew high in 1983 (15.2%) and fellto 13.8% in 1995, 12.7% in 1998,and 11.8% in 1999
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Ratio of rich to poor has risensteadily, however
In 1947 ratio of richest fifth to
poorest fifth of households was 8.6
In 1997 ratio was 13.7
P t Sh M I
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Percent Share Money Income
Lowest HighestYear Fifth Fifth Ratio
1947 5.0 43.0 8.6
1967 4.0 43.8 11.0
1977 4.3 43.7 10.2
1987 3.8 46.7 12.31997 3.6 49.4 13.7
1999 3.6 49.4 13.7
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Lorenz Curves
Graphical representation of
distribution of income
Table shows distribution byquintiles for 1968 and 1992
We can plot these data to construct
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We can plot these data to construct
a Lorenz Curve
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The diagonal represents perfect
equality
The more unequal, the more bowed
out from the diagonal Good way to visualize, but not
good when quantification needed
Gi i C ffi i
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Gini Coefficient
Households ranked by income
Percentincome
0%
100%
100%
A
B
Gini Coefficient =
Area A
(Area A+Area B)
Lorenz Curve
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Gini coefficient takes value of
zero with perfect equality and 1with perfect inequality
Gini coefficient makes it easy toplot distribution of income overtime, as in the following graph
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Increasing equality until late
60s followed by increasinginequality
Table and graphs on Lorenz
curve and Gini coefficient fromhttp://www.panix.com/~dhenwood/Gini_supplement.html
Social Security
http://www.panix.com/~dhenwood/Gini_supplement.htmlhttp://www.panix.com/~dhenwood/Gini_supplement.htmlhttp://www.panix.com/~dhenwood/Gini_supplement.htmlhttp://www.panix.com/~dhenwood/Gini_supplement.html7/27/2019 128924682 Economic Roles of Government
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Social Security Several programs all funded through
payroll taxesgovernment-provided pension
what most think of by the term Social Security
disability payments
health care for the elderlyunemployment compensation
The most expensive of all government
programs in U.S.surpassed national defense in 1993
S i l S i b Si
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Social Security Web Sites
The official SSA site:http://www.ssa.gov/
The Heritage Foundation:
http://www.heritage.org/library/keyissues/socialsecurity/
Brookings:http://www.brookings.org/es/research/areas/soc
ial/socsec.htm
NBER:http://www.nber.org/socialsecurity/
Social Security Retirement
http://www.ssa.gov/http://www.heritage.org/library/keyissues/socialsecurity/http://www.heritage.org/library/keyissues/socialsecurity/http://www.brookings.org/es/research/areas/social/socsec.htmhttp://www.brookings.org/es/research/areas/social/socsec.htmhttp://www.nber.org/socialsecurity/http://www.nber.org/socialsecurity/http://www.brookings.org/es/research/areas/social/socsec.htmhttp://www.brookings.org/es/research/areas/social/socsec.htmhttp://www.heritage.org/library/keyissues/socialsecurity/http://www.heritage.org/library/keyissues/socialsecurity/http://www.ssa.gov/7/27/2019 128924682 Economic Roles of Government
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y
Pensions funded by payroll taxes
of 7.65% paid by both employeesand employers on first $72,600 of
wages (in 1999)
self-employed pay 15.3%
maximum wage base indexed to inflation
Basic pension available atretirement at age 65
retirement at 62 with reduced pension
available
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Essentially a pay-as-you-go
systemprivate retirement systems are fully
funded
contributions build a fund from which
earnings pay benefits
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Social Security not fully funded
benefits paid from taxes collectedessentially a transfer from workers to retirees
because of baby-boom tax revenues exceed
pension payments so a fund is building up
currently will reach its max sometime during the next
twenty years as baby-boomers retire
fund will then shrink until it is gone unless
tax rates go up, retirement age is increased,or some other adjustment is made
P i t f ti f t
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Pension amount a function of past
earnings, age, marital status,
number of dependents, etc.
must have paid Social Security taxes for
at least forty quarters to qualify
Pensions also paid to dependent
spouses over 65 at one-half the
workers pensionwidows/widowers get what the spouse
would have gotten
St di t ib ti l l t
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Strong redistributional element
gross replacement rate (ratio of benefits
to pre-retirement wages) falls as pre-retirement income rises
worker earning 45% of average wage earnings
would have a GRR of almost 60% average wage earner a little over 40%
worker earning at the maximum wage tax base
around 25%
Social Security pensions are tax-free average wage earners 40% GRR is more like 50%
on an after-tax basis
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Incentive effects
obvious disincentive to work past 65 many opt to retire at 62 when Social Security
becomes available at a reduced rate
savings and capital formation reduces need to save for retirement
disincentive to work past 65 increases need to save
for retirement
net effect may be a wash
Health Insurance For The Elderly
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Health Insurance For The Elderly
Two parts
Part A is hospitalization insurance
for the elderlyFinanced by 2.9% tax on all wages paid
by both employers and employees
covers only medically necessary care inhospitals and is subject to a deductible
Part B is voluntary medical
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Part B is voluntary medical
insurance available at highly
subsidized ratespremiums cover only about a fourth of
costs
subject to deductible of 20% and
maximum payments for each medical
procedure
Medicare spending amounts to
over 11% of total federal spending
or 2 4% of GDP
Unemployment Compensation
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Unemployment Compensation
Income support for workers
temporarily out of work
temporarily laid offlost job through fault not of their own
does not cover loss of job through misconduct
does not cover work loss due to labor disputes
worker must be full-time and have
worked a minimum time to qualify for
benefits
Funded by Federal tax on payrolls
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y p y
first $7,000 of wages
tax levied on employer only tax rate varies by each firms
employment record
firms that lay off workers frequently pay highertaxes
Each state levies own tax to
supplement Federal fundbase and rates vary by state
base always equal to or greater than
Federal base
Benefits vary widely by state
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high of about two-thirds of lost wages
plus dependent allowance
average only about 35% has been declining in recent years
Benefits normally last only for amaximum of 26 weeks
Benefits extended 13 weeks in
recessions
Congress may extend even further
Average worker uses only 8 weeks
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Incentive effects
availability of unemploymentcompensation makes the period of
unemployment easier to take
both negative and positive effects reduces incentive to look for a job
increases unemployment rate
one study estimates that a ten percentage point
increase in replacement rate increases unemployment
by 1.5 weeks
allows worker to extend job search
potentially more fruitful job search
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