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2 results

  • Chapter 6 - More, but Different, Social Spending in Rich Countries since 1914

  • from Part II - The Long Rise, and Its Causes
  • Peter H. Lindert, University of California, Davis
  • Book:
    Making Social Spending Work
    Published online:
    01 April 2021
    Print publication:
    08 April 2021, pp 104-121

  • Summary

    Since 1914 rich countries have shifted their social spending missions, away from anti-poverty policies and mass schooling and toward subsidies to the elderly. Over r4ecent generations, this mission shift has probably compromised both income equality and income growth. The global mission shift toward public pensions may have been due in large part to improvements in life expectancy, which allowed longer life past work and contributed to political “gray power.” The inference about gray power springs from the fact that public pension spending rose even per elderly person, and not just at the rate of population aging. Its per-person generosity rose faster than the rise in educational spending per child of school age. The rising demand for government pensions was probably linked, in addition, to a quiet global change in the role of intra-family transfers. Career and family developments may have raised public pressure for more government support of the elderly.

  • Transitions from career employment among public- and private-sector workers

  • Joseph F. Quinn, Kevin E. Cahill, Michael D. Giandrea
  • Journal:
    Journal of Pension Economics & Finance / Volume 18 / Issue 4 / October 2019
    Published online by Cambridge University Press:
    11 February 2019, pp. 529-548

  • Do the retirement patterns of public-sector workers differ from those in the private sector? The latter typically face a retirement landscape with exposure to market uncertainties through defined-contribution pension plans and private saving. Public-sector workers, in contrast, are often covered by defined-benefit pension plans that encourage retirement at relatively young ages and offer financial security at older ages. We examine how private- and public-sector workers transition from full-time career employment, with a focus on the importance of gradual retirement. To our surprise, we find that the prevalence of continued work after career employment, predominantly on bridge jobs with new employers, is very similar in the two sectors, a result with important implications in a rapidly aging society.