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Wed, 28 Oct 2009 00:00:00 GMT
The current financial crisis has had a great impact on how Americans are saving. In a presentation for the “National Forum to Encourage Lower-Income Household Savings,” Karen Dynan explained that while aggregate personal saving should be markedly higher than before the crisis, it is difficult to predict the level of saving for lower-income households.
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Thu, 16 Jul 2009 10:00:00 GMT
Event Information:
- July 16, 2009, 10:00 AM to 12:00 PM
On July 16, the Retirement Security Project and the Urban-Brookings Tax Policy Center hosted Australian Assistant Treasurer Nick Sherry, to discuss the Superannuation Guarantee- Australia's mandatory retirement savings system- and its relevance to American policy-makers.
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Tue, 14 Jul 2009 00:00:00 GMT
For many years, economists and other experts have bemoaned American consumers’ unwillingness to save. Now Americans are saving once again, and observers worry that too much saving translates directly into too little consumer demand. Gary Burtless examines whether consumer saving was too low in the past and whether this new saving pattern will continue.
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Wed, 01 Jul 2009 00:00:00 GMT
Automatic argues for a fresh approach to increase saving, simplify retirement planning, and help manage the risks associated with today's individual account environment.
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Thu, 11 Jun 2009 00:00:00 GMT
While the government has been busy with bailouts, who is going to bail out the U.S. government when our creditors tire of lending to us? And now, thanks to the stimulus, virtually all those over age of 65 are receiving $250 checks, regardless of whether or not they need it. Isabel Sawhill says it’s time for Congress and the administration to get serious about getting our fiscal house in order.
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Sat, 28 Feb 2009 00:00:00 GMT
This paper by Barry Bosworth and Sarah Anders reports on a project to construct and evaluate a wealth and saving dataset for those households who responded to the supplementary wealth and active saving modules of the Panel Study of Income Dynamics (PSID) over the period of 1984 to 2005.
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Sat, 31 Jan 2009 00:00:00 GMT
Barry Bosworth and Rosanna Smart presents an overview of changes in household wealth accumulation and saving using wealth data from three micro-level surveys. They provide comparisons to the macroeconomic estimates of wealth accumulation and saving, explore problems in constructing household-level valuations of wealth, and assess the value of using household-level datasets to examine wealth accumulation and saving behavior in the United States.
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Thu, 29 Jan 2009 00:00:00 GMT
Despite criticism of the Social Security Act, and it's application to twenty fist century America, Henry Aaron believes that those views are wrong. In broad outline, he says, the system is sound, sensibly designed, and affordable though some changes are now desirable, and that others will, and should, be made as economic and political conditions warrant. But he urges, they should affirm and strengthen the system, not scale it back or repeal it.
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Tue, 30 Dec 2008 00:00:00 GMT
In China, the household savings rate rose by 7 percent from 1995 to 2005, reflecting savings of about one quarter of disposable income. Why are Chinese households saving so much across all demographic groups? In a new paper, Eswar Prasad and Marcos Chamon analyze the savings patterns of households in China and discuss the economic drivers.
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Mon, 08 Dec 2008 00:00:00 GMT
Innovative and sound tax policy may be one way out of our financial rut, argue Bill Gale and Ben Harris. An effective tax code can buoy an economic recovery; down the road, taxation can help achieve the Obama administration's goals in health care, in energy policy and, ultimately, for fiscal balance.
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Thu, 20 Nov 2008 00:00:00 GMT
Jeffrey Kling and Ideas42 researchers have found that seniors are more likely to switch Medicare healthcare plans and save substantial amounts by changing from their existing plan. Given the overall state of the economy and recent news that drug plans are increasing their premiums up to 64 percent, the study helped inform the 24 million seniors in the program to shop around for the best price as open enrollment for Medicare Part D drug plans began.
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Tue, 18 Nov 2008 00:00:00 GMT
The six-week annual open season for choosing health care options is under way. If you, or someone that you know, has prescription drug insurance from Medicare Part D, here's an idea that could save a bundle over the next year: consider switching plans, says Jeffrey Kling.
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Fri, 31 Oct 2008 00:00:00 GMT
In this paper, Jeffrey R. Brown, Jeffrey R. Kling, Sendhil Mullainathan, Garth R. Wiens and Marian V. Wrobel test the relative effectiveness of their two framing contexts for life annuities when different reference points are introduced, testing for loss aversion in both investment and consumption frames.
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Wed, 16 Jul 2008 00:00:00 GMT
Fully half of America’s working families lack any employer-sponsored retirement savings plan. Testifying before a Senate panel, J. Mark Iwry and David C. John called for a common strategy to preserve and expand retirement savings in a manner that transcends partisan differences, an approach that includes preserving employer-sponsored retirement plans and broadening participation and coverage options.
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Thu, 26 Jun 2008 00:00:00 GMT
J. Mark Iwry and David C. John propose an automatic IRA approach which offers most employees not covered by an employee-sponsored retirement plan the opportunity to save through the powerful mechanism of regular payroll deposits that continue automatically.
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Thu, 19 Jun 2008 00:00:00 GMT
Kent Weaver argues that a new approach to Social Security reform requires the president and congressional leaders to agree on an overall mandate for a commission named through a bipartisan nominating process designed to generate a group that is likely to focus on practical, consensus-building solutions. Special procedures in each house of Congress would provide expedited consideration of the commission’s reform package and alternatives, while providing incentives for constructive congressional engagement in the reform process.
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Tue, 10 Jun 2008 08:00:00 GMT
Event Information:
- June 10, 2008, 8:00 AM to 3:00 PM
The Retirement Security project hosted, “The Automatic Revolution: Changing How America Saves,” marking the 10th anniversary of the 1998 Treasury/IRS ruling that made automatic saving mechanisms possible. The conference was intended to highlight that decision, the dramatic changes that automatic plans have created since then, and the prospects for the future – for both automatic 401ks and automatic IRAs.
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Mon, 31 Mar 2008 00:00:00 GMT
Jeffrey Kling, Jeffrey Brown, Sendhil Mullainathan and Marian Wrobel explore the idea that people's aversion to annuities is not a fully rational phenomenon. They suggest that a psychologically richer model of consumer behavior can explain under-annuitization.
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Tue, 22 Jan 2008 00:00:00 GMT
The $100 billion size of the high-cost non-bank basic financial services industry, including check cashers, payday lenders, and pawnshops, points to the high demand for basic financial services among low- and moderate-income customers. Alternative products sold by banks—located extensively in lower-income neighborhoods could meet those consumer needs, while also creating an opportunity for households to convert their current spending on high-cost services into savings and even wealth.
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Fri, 11 Jan 2008 00:00:00 GMT
Brookings Expert Gregg Easterbrook and Harvard Law School's Elizabeth Warren discuss the squeeze on the American middle class.
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Mon, 03 Dec 2007 10:15:00 GMT
Event Information:
- December 03, 2007, 10:15 AM to 12:00 PM
From the individual alternative minimum tax (AMT) to an unstable mortgage market, many middle-class American families are at risk of losing their footing in today’s economy. Saving rates are at an all-time low and rising health premiums can render basic care unaffordable to even full-time workers. Opportunity 08 explores what the next President can and should do to promote individuals’ economic success and a sound middle class.
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Thu, 08 Nov 2007 00:00:00 GMT
Nearly half of American workers have no employer-sponsored saving plan. Mark Iwry testified before a congressional panel about a strategy to promote saving for families and the nation. "The Automatic IRA is a disarmingly simple concept," said Iwry.
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Fri, 21 Sep 2007 00:00:00 GMT
President Bush made Social Security reform his top domestic priority in 2004. In this paper, Brookings's William Galston examines why the president's proposal failed and the politics of Social Security reform.
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Mon, 23 Jul 2007 00:00:00 GMT
Matt Fellowes examines the higher prices lower-income workers pay for basic necessities--home loans, groceries, and financial services--and outlines a combination of initiatives that can bring down business costs.
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Mon, 09 Apr 2007 00:00:00 GMT
In this testimony before the California Assembly Banking and Finance Committee, Matt Fellowes discusses the important opportunity to build wealth among California's lower income working families by expanding access to banking services.
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Wed, 28 Feb 2007 00:00:00 GMT
The past 25 years have brought a dramatic shift in our nation's pension system away from defined benefit plans and toward defined contribution accounts, such as 401(k)s and Individual Retirement Accounts (IRAs). But many of our public policies have not been updated to reflect the increased responsibility placed on workers to prepare for their own retirement. The next President can improve and strengthen retirement security substantially through a series of common-sense reforms that would make the defined contribution pension system easier to navigate and more rewarding for American families.
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Wed, 31 Jan 2007 00:00:00 GMT
Testimony by Jason Furman (1/31/07)
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Tue, 21 Nov 2006 10:00:00 GMT
Event Information:
- November 21, 2006, 10:00 AM to 11:30 AM
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Wed, 01 Nov 2006 00:00:00 GMT
Paper by Barry Bosworth and Gabriel Chodorow-Reich (November 2006)
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Fri, 01 Sep 2006 00:00:00 GMT
Paper by Jacob Hacker (9/11/2006)
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Tue, 01 Aug 2006 00:00:00 GMT
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Tue, 01 Aug 2006 00:00:00 GMT
Policy Brief #156: Reforming Tax Incentives into Uniform Refundable Tax Credits; by Peter R. Orszag, Fred T. Goldberg, Jr., and Lily L. Batchelder
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Fri, 02 Jun 2006 00:00:00 GMT
Before the U.S. Conference of Mayors, Bruce Katz argues that in order for America to make progress toward alleviating poverty and growing a strong and resilient urban middle class, a primary concern must be places of concentrated poverty, neighborhood
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Thu, 04 May 2006 00:00:00 GMT
In this presentation, at the release event for the Federal Reserve Bank of Chicago-Brookings publication, Financial Access for Immigrants: Lessons from Diverse Perspectives, Audrey Singer and Anna Paulson of the Federal Reserve Bank of Chicago outline the opportunities and challenges for broadening financial access for immigrants. They argue that the success of today's immigrants—who come to the United States largely seeking to improve their own prospects for prosperity—depends on their access to mainstream financial institutions that can help them save money, buy homes, access credit, start businesses, and otherwise build wealth.
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Mon, 01 May 2006 00:00:00 GMT
Credit scores wield enormous influence in American consumer life, directly influencing, often without customer knowledge, prices for loans, insurance, employment, and housing.
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Mon, 01 May 2006 00:00:00 GMT
Financial access - knowing what one's financial options are and having products and services to choose from - is closely linked to economic prosperity.
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Sun, 23 Apr 2006 00:00:00 GMT
Opinion by Isabel V. Sawhill, Kansas City Star (4/23/06)
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Thu, 06 Apr 2006 00:00:00 GMT
Testimony by Barry P. Bosworth, Senate Committee on Finance (4/6/06)
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Thu, 06 Apr 2006 00:00:00 GMT
Testimony by Lael Brainard, Senate Committee on Finance (4/6/06)
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Wed, 05 Apr 2006 10:30:00 GMT
Event Information:
- April 05, 2006, 10:30 AM to 12:00 PM
With global competition increasing and wages stagnating, America's promise of providing an opportunity for every individual to lead a better life is in jeopardy. To restore this promise, a new economic policy project—backed by leaders from business, academia and public policy—was launched on April 5, 2006. The Hamilton Project is a unique initiative at the Brookings Institution designed to inject new policy options from leading economic thinkers across the country into the national economic debate.
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Sat, 01 Apr 2006 00:00:00 GMT
Hamilton Project Paper by William G. Gale, Jonathan Gruber, Peter R. Orszag (April 2006)
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Fri, 17 Mar 2006 00:00:00 GMT
In this presentation at the University of Delaware, Matt Fellowes showed how rising immigration and the 1996 welfare reform law spurred demand for high-cost financial products that hinder wealth building in low-income neighborhoods.
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Wed, 01 Mar 2006 00:00:00 GMT
In 1998, Sweden adopted a radical new approach to state-based pension provision, with several innovations. Many experts in the United States and elsewhere have been interested in Sweden's move toward mandatory individual accounts for retirement savings, with workers required to set-aside 2.5 percent of covered wages. For purposes of this brief, however, Sweden's novel approach to financing the much larger pay-as-you-go state pensions is of interest. The new Swedish pension system contains features that should achieve what the architects of the new system sought—guaranteed and permanent financial solvency at a fixed contribution rate of 16 percent of wages.
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Sun, 01 Jan 2006 00:00:00 GMT
This paper reviews competing explanations for the pattern of global imbalances and the magnitude of the U.S. external deficit. It argues that, far from being incompatible, existing explanations are all parts of the larger story.
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Wed, 07 Dec 2005 00:00:00 GMT
In this presentation at the National Conference on State Legislatures Fall 2005 Forum, Matt Fellowes presented how low-income families are fairing in an ownership society. He also discussed the different types of state innovations that benefit low-income working families, their promises and perils.
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Fri, 02 Dec 2005 00:00:00 GMT
In this presentation at the annual conference of the Consumer Federation of America, Matt Fellowes discussed the growing number of alternative short-term loan providers in metropolitan areas, particularly in suburban, low-poverty areas. Matt also discussed the numerous public policy and market implications of that growth.
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Thu, 01 Dec 2005 00:00:00 GMT
The Evolving Pension System examines the foundations and the future of the private pension system. It provides a broad overview of the underlying assumptions, characteristics, and effects of existing pension policy, as well as alternative view
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Tue, 15 Nov 2005 00:00:00 GMT
Opinion by Sara McLanahan and Ron Haskins, The Baltimore Sun (11/15/05)
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Sat, 12 Nov 2005 00:00:00 GMT
Opinion by Isabel V. Sawhill and Andrew L. Yarrow, Los Angeles Times (11/12/05)
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Thu, 22 Sep 2005 00:00:00 GMT
In this presentation at the NCCED 2005 Annual Conference, Matt Fellowes discussed the family context for expanding asset ownership, the policy and market resource context for asset building, and what are the promises and perils of this policy and market context.
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Thu, 11 Aug 2005 00:00:00 GMT
In a global economy characterized by some as being awash in saving, Americans stand out for their devotion to consumption. The rate of private saving in the United States has declined precipitously over the past two decades. While the corporate component has surged during the current economic expansion, the household saving rate has continued to fall. Household saving has fallen from ten percent of disposable income in the first half of the 1980s to less than two percent in the first half of the current decade. This development should strike us as all the more surprising given the large number of baby-boomers who are in their peak saving years. Despite considerable empirical research, the source of the saving decline remains controversial; primarily because it's one-time nature makes the question of the causes difficult to resolve on the basis of macroeconomic correlations.
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Mon, 01 Aug 2005 00:00:00 GMT
&The debate about reforming Social Security has become increasingly ideological. Scare tactics and unrealistic promises have become the norm. Diamond and Orszag bring some welcome realism and decency to the debate. They show exactly where the current
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Fri, 15 Jul 2005 00:00:00 GMT
Observers in many industrialized countries believe population aging represents a serious economic threat. Increases in the percentage of the population past retirement age may impose unsustainable burdens on future workers. Either taxes or government debt will have to rise substantially to pay for old-age income support. This paper considers the extent of these burdens and corrects the widespread impression that the burdens are unsupportable.
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Fri, 01 Jul 2005 00:00:00 GMT
President Bush's top first-term objectives — in the aftermath of the 9/11 terrorist attacks — were waging and winning the global war on terror, significantly enhancing our homeland security systems, and strengthening economic growth. With sluggish economic growth following the 2001 recession persisting in 2002 and 2003 — due, in part, to the revelation of several corporate governance scandals and the aftermath of technology stock "bubble burst" – the President placed a high premium on tax relief proposals aimed at accelerating the pace of short and long-term economic growth. In this context, it is not at all surprising that large federal budget deficits emerged.
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Fri, 01 Jul 2005 00:00:00 GMT
Under traditional formulations, lower capital income tax rates reduce the user cost of capital and stimulate investment. The traditional approach, however, implictly or explicitly considers a revenue-neutral reduction in capital income taxation. We extend the traditional approach by considering a reduction in taxes that generates an increase in the budget deficit; the expanded budget deficit raises interest rates and the opportunity cost of investment. This provides a mechanism through which tax cuts can raise the cost of capital. Representative calculations show that, even with relatively modest interest rate effects, the net effect of making the Administration's recent tax cuts permanent or a 10-percent reduction in individual income tax rates would be to raise the user cost of capital. Thus, sustained tax cuts can raise the cost of capital and reduce investment.
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Tue, 21 Jun 2005 10:00:00 GMT
Event Information:
- June 21, 2005, 10:00 AM to 11:30 AM
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Wed, 01 Jun 2005 00:00:00 GMT
Opinion by William G. Gale and Peter R. Orszag, Los Angeles Times (6/1/05)
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Wed, 01 Jun 2005 00:00:00 GMT
Policy Brief #140, by R. Kent Weaver (June 2005)
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Thu, 19 May 2005 00:00:00 GMT
Testimony by Peter R. Orszag, House Committee on Ways and Means (5/19/05)
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Fri, 13 May 2005 00:00:00 GMT
Testimony by Peter R. Orszag, Senate Democratic Policy Committee (5/13/05)
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Tue, 10 May 2005 15:30:00 GMT
Event Information:
- May 10, 2005, 3:30 PM to 4:30 PM
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Sun, 01 May 2005 00:00:00 GMT
Paper by Esther Duflo, William Gale, Jeffrey Liebman, Peter Orszag and Emmanuel Saez (May 2005)
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Tue, 26 Apr 2005 00:00:00 GMT
Testimony by Peter R. Orszag, Senate Committee on Finance (4/26/05)
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Thu, 14 Apr 2005 09:30:00 GMT
Event Information:
- April 14, 2005, 9:30 AM to 12:30 PM
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Fri, 01 Apr 2005 00:00:00 GMT
Paper by Peter A. Diamond and Peter R. Orszag, The Economists? Voice (April 2005)
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Fri, 18 Mar 2005 00:00:00 GMT
Opinion by Thomas E. Mann; The New Republic Online (3/18/05)
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Sat, 05 Mar 2005 00:00:00 GMT
Opinion by Paul C. Light; New York Times (3/5/05)
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Tue, 01 Mar 2005 00:00:00 GMT
Paper by William G. Gale, J. Mark Iwry, and Peter R. Orszag (March 2005)
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Tue, 01 Mar 2005 00:00:00 GMT
Wealth inequality in America dwarfs income inequality, with low levels of asset ownership affecting a majority of the country. Thus the bottom 60 percent of the nation collectively possesses less than 5 percent of the nation’s wealth. Broadening the ownership of assets—through IDAs, children’s savings accounts, and targeted tax subsidies for wealth accumulation—may help expand economic security and opportunity for the nation’s poor.
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Tue, 01 Mar 2005 00:00:00 GMT
Paper by William G. Gale, J. Mark Iwry, and Peter R. Orszag (March 2005)
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Tue, 01 Mar 2005 00:00:00 GMT
Article by Peter A. Diamond and Peter R. Orszag, Journal of Economic Perspectives (Spring 2005)
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Mon, 14 Feb 2005 00:00:00 GMT
Article by William G. Gale and Peter R. Orszag, Tax Notes (2/14/05)
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Thu, 10 Feb 2005 00:00:00 GMT
Testimony by Ron Haskins, House Committee on Ways and Means, Subcommittee on Human Resources (2/10/05)
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Wed, 09 Feb 2005 00:00:00 GMT
Testimony by Peter R. Orszag, House Committee on the Budget (2/9/05)
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Fri, 28 Jan 2005 00:00:00 GMT
Testimony by Peter R. Orszag, Democratic Policy Committee (1/28/05)
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Sat, 15 Jan 2005 00:00:00 GMT
Article by Jonathan Rauch; The National Journal (1/15/05)
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Thu, 13 Jan 2005 10:30:00 GMT
Event Information:
- January 13, 2005, 10:30 AM to 12:00 PM
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Wed, 01 Dec 2004 00:00:00 GMT
Paper by Alexis Ahlstrom, Emily Clements, Anne Tumlinson, and Jeanne Lambrew (December 2004)
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Mon, 01 Nov 2004 00:00:00 GMT
Opinion by Henry J. Aaron, The New York Daily News (11/1/04)
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Wed, 13 Oct 2004 00:00:00 GMT
Speech by Peter R. Orszag, Stable Value Investment Association (10/13/04)
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Thu, 07 Oct 2004 07:30:00 GMT
Event Information:
- October 07, 2004, 7:30 AM to 4:45 PM
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Mon, 04 Oct 2004 00:00:00 GMT
Paper by Robert B. Friedland and Stephanie E. Lewis (10/4/04)
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Fri, 01 Oct 2004 00:00:00 GMT
An analysis of the banking and alternative financial services industries suggests that increasing access to banking for low-income households, could boost both family financial stability and broader societal anti-poverty efforts.
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Fri, 01 Oct 2004 00:00:00 GMT
Paper by Gary Burtless (October 2004)
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Tue, 14 Sep 2004 10:00:00 GMT
Event Information:
- September 14, 2004 at 10:00 AM
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Mon, 13 Sep 2004 00:00:00 GMT
Testimony by Peter R. Orszag, House Budget Committee Forum (9/13/04)
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Tue, 07 Sep 2004 00:00:00 GMT
The parasitic economy preys on low-income customers conventional banks don?t pursue and hinders efforts to reward work and bootstrap these families out of poverty.
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Wed, 01 Sep 2004 00:00:00 GMT
Paper by William G. Gale, Mark J. Iwry, Peter R. Orszag, Alexis Ahlstrom, Emily Clements, Jeanne Lambrew, Anne Tumlinson (September 2004)
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Wed, 01 Sep 2004 00:00:00 GMT
Paper by William G. Gale and Peter R. Orszag, Brookings Panel on Economic Activity (9/10/04)
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Sun, 15 Aug 2004 00:00:00 GMT
Subscribe to Brookings Papers on Economic Activity
For almost thirty years, Brookings Papers on Economic Activity (BPEA) ha
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Tue, 10 Aug 2004 00:00:00 GMT
Paper by Barry P. Bosworth (August 2004)
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Thu, 01 Jul 2004 00:00:00 GMT
Brookings Policy Brief #135 by William G. Gale, J. Mark Iwry and Peter R. Orszag. (July 2004)
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Thu, 01 Jul 2004 00:00:00 GMT
Paper by Barry P. Bosworth, Ralph C. Bryant, and Gary Burtless (July 2004)
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Thu, 10 Jun 2004 08:45:00 GMT
Event Information:
- June 10, 2004, 8:45 AM to 12:30 PM
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Mon, 17 May 2004 09:30:00 GMT
Event Information:
- May 17, 2004, 9:30 AM to 11:00 AM
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Tue, 04 May 2004 00:00:00 GMT
Opinion by Peter A. Diamond and Peter R. Orszag (5/04/04)
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Mon, 03 May 2004 00:00:00 GMT
Article by William G. Gale, J. Mark Iwry, and Peter R. Orszag (5/3/04)
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Wed, 28 Apr 2004 00:00:00 GMT
Testimony by J. Mark Iwry (4/29/2004)
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Mon, 19 Apr 2004 00:00:00 GMT
The private pension system, together with Social Security, has provided millions of Americans with income security in retirement. But over the past thirty years, pension coverage has stagnated, leaving behind some vulnerable groups. Private Pensio
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Thu, 15 Apr 2004 00:00:00 GMT
Event Information:
- April 15, 2004 at 12:00 AM
The Federal Reserve Bank of Chicago hosted a conference that highlighted new research and best practices for overcoming barriers to immigrant financial market participation. Panels on traditional banking, housing and homeownership, entrepreneurship, small business lending, and remittances featured speakers from policy makers, researchers, and representatives of financial institutions, government agencies, immigrant advocacy and community development organizations.