The Economic Context for Reforming the Safety Net

As we wrestle with the future of our safety net and social insurance programs, it is important to understand not only the features and outcomes associated with individual programs but also the broader economic context. This reflection piece discusses several relevant aspects of the macroeconomy and...

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Bibliographic Details
Published in:The Annals of the American Academy of Political and Social Science 2019-11, Vol.686 (1), p.352-368
Main Author: DYNAN, KAREN
Format: Article
Language:English
Subjects:
Debt
Economic conditions
Entitlement
Households
Income inequality
Macroeconomics
Public debt
Public finance
Reflections
Safety
Social programs
Social security
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Summary:As we wrestle with the future of our safety net and social insurance programs, it is important to understand not only the features and outcomes associated with individual programs but also the broader economic context. This reflection piece discusses several relevant aspects of the macroeconomy and of economic and financial conditions facing households: rising government debt, slower macroeconomic growth, limited tools to fight future recessions, greater income inequality, and the financial struggles of households. It goes on to draw lessons for how we should reform our system of entitlement programs.
ISSN:0002-7162
1552-3349
DOI:10.1177/0002716219885605