Aspen Gorry

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House Minority Leader Nancy Pelosi (D-CA) (C) speaks at a "Give America a Raise" event to push the minimum wage to $10.10 per hour, on Capitol Hill in Washington April 3, 2014.

7-second takeaway

The costs of raising the minimum wage could be greater than previously thought, especially on younger workers. Much of the harm done to these workers could be avoided by exempting individuals under the age of 25 from the minimum wage.

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In this article, Gorry and Hassett review the major contributions of the Auerbach- Kotlikoff model of dynamic fiscal policy and explore highlights of subsequent research based on dynamic general equilibrium models of fiscal policy.

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This paper constructs a labor search model to explore the e ffects of minimum wages on youth unemploy-
ment.

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With graduation season nearly finished, another cohort of young workers is set to enter the labor force. Members of this cohort confront an immense challenge in planning for retirement: There is a great deal of uncertainty about the Social Security taxes and benefits they will face.

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An individual-based tax system helps resolve a number of fairness concerns by treating all individuals equally, regardless of marital status.

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Should the US tax code treat people as families, as it currently does, or as individuals? This paper considers the costs and benefits of switching to a tax system based on individual, rather than family, income.

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Phase-outs out of government benefits are well-intentioned: they aim to ensure that the rich do not benefit from programs intended for the poor and middle-class. However, they result in a complex, nontransparent tax and transfer system that punishes work and traps many low-income families in poverty. Reform should aim to provide support for needy Americans while preserving work incentives.

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This article discusses the role of both average and marginal tax rates throughout the income distribution. Our analysis relies on optimal tax theory, which allows us to study the trade-off between two of the main goals of policymakers: progressivity and economic efficiency.

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7-second takeaway

At this event, an expert panel will discuss ways to restructure Social Security and Medicare to improve work incentives, fairness, and solvency.

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Women work at a desk while sitting in front of artwork by artist Andres Serrano during the 2012 Armory Show art fair in New York March 8, 2012.

7-second takeaway

Some simple policy fixes can help create real fairness. But these reforms will mean tax and entitlement changes and more mothers working outside the home.

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Community organizations and labour groups hold a demonstration for their views in handling of the 'Fiscal Cliff' near the office of U.S. Sen. Marco Rubio (R-FL) in Doral, Florida December 10, 2012.

7-second takeaway

In his State of the Union speech, President Obama urged Congress to “act soon to protect future generations.” He was talking about addressing environmental issues. But there’s an easier, more obvious step we can take to improve the lives of our children and grandchildren. We can act now to fix Social Security.

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