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Diane Publishing Books
Historical Welfare Analysis of Social Security: Whom Did the Program Benefit?
William B. Peterman (au); Kamila Sommer (au)
In a computational life cycle model that simulates the Great Depression and the enactment of Social Security, this study quantifies the welfare effects of the programäó»s enactment on the cohorts of agents who experienced it. The authors find that the adoption of the original Social Security tended to improve these cohortsäó» welfare. In particular, they estimate that the original program benefited households alive at the time of the programäó»s adoption with a likelihood of over 80%, and increased these agentsäó» welfare by the equivalent of 5.9% of their expected future lifetime consumption. The welfare benefit was particularly large for poorer agents and agents who were near retirement age when the program was enacted. Figures and tables. This is a print on demand report.
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