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Intergenerational Economics: Public and Family Support for Retirees in US History and Looking Forward

In: Family Economics and Public Policy, 1800s–Present

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  • Megan McDonald Way

    (Babson College)

Abstract

This chapter examines public support for the elderly starting with Civil War veterans’ and widows’ pensions, through Social Security and the creation of Medicare and Medicaid, which successfully lowered elderly poverty levels as part of the New Deal and the War on Poverty. It describes the effect of Social Security on intergenerational transfers, detailing how families operating under altruism assumptions versus exchange assumptions might differ. In light of changing demographics and the aging population, it looks at the baby boomers, their changing family structures, mutual support with their adult children, and their readiness for retirement. Then the chapter highlights potential changes in Social Security due to the coming funding crisis, and the need for more informal family caregiving services as the elderly population grows.

Suggested Citation

  • Megan McDonald Way, 2018. "Intergenerational Economics: Public and Family Support for Retirees in US History and Looking Forward," Palgrave Studies in American Economic History, in: Family Economics and Public Policy, 1800s–Present, chapter 0, pages 205-234, Palgrave Macmillan.
    • Handle: RePEc:pal:psichp:978-1-137-43963-5_7
    DOI: 10.1057/978-1-137-43963-5_7
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