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Recession Increases Downward Mobility in Retirement: Middle Earners Hit From Both Sides

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Abstract

An examination of the status of older workers in the second quarter of 2020 reveals two highlights: increased downward mobility at all earnings levels and middle earners being hit twice, sustaining both job loss and market loss. Policy recommendations include Congress discouraging early retirement withdrawals and increasing and extending unemployment benefits for older workers. The recession exposes the need for comprehensive reform: expanding Social Security and creating a public option retirement plan in the form of Guaranteed Retirement Accounts.

Suggested Citation

  • Michael Papadopoulos, Bridget Fisher, Teresa Ghilarducci, and Siavash Radpour, 2020. "Recession Increases Downward Mobility in Retirement: Middle Earners Hit From Both Sides," SCEPA publication series. 2020-02, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapb:2020-02
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    File URL: https://www.economicpolicyresearch.org/images/Retirement_Project/status_of_older_workers_reports/Q1_2020_OWAG_Final_2.pdf
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    More about this item

    Keywords

    older workers; recession; COVID-19; coronavirus; downward mobility; poverty; unemployment; wages;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General
    • J88 - Labor and Demographic Economics - - Labor Standards - - - Public Policy
    • J58 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Public Policy

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