The Big Political Economy Questions As Societies Age

Part of our SNF Agora External Faculty Seminars, AY 24-25

Teresa Ghilarducci
Bernard L. and Irene Schwartz Professor of Economics
Director, Schwartz Center for Economic Policy Analysis (SCEPA)
The New School

GoFundMe campaigns for retirement support highlight the failures of the U.S. retirement system. While these acts of charity are heartwarming, they underscore the system’s inability to provide for its retirees, with 14 million elders living in poverty.

The U.S. retirement system’s structural flaws include its reliance on individual savings, disproportionate subsidies for the wealthy, and lower returns on 401(k) accounts compared to traditional pensions. A promising solution is the Retirement Savings for Americans Act, proposing a hybrid plan with automatic enrollment, low fees, and government matching contributions, aiming to secure adequate retirement savings for all workers.

Without significant policy changes, the U.S. faces a future where many retirees live in poverty, placing additional burdens on their families and the social safety net. Addressing this crisis is crucial for ensuring financial security and social stability.

Where: SNF Agora Conference Room and Zoom