About the Authors

Biography

About the Authors     

About the Authors

Biography

About the Authors     

Risk, Gender, and Development in the 21st Century

Globalization creates wealth but also financial crises. Although these systemic risks are generated by all participants in the world economy, their costs are disproportionately borne by the poor, especially women, who live in developing nations, with irrevocable damage to their capabilities. Since current reform proposals do not address inequities in the distribution of the costs of financial crises, we suggest changes in the design, implementation, content, and funding of policies that could provide security to women during crises. We argue that our suggestions will not succeed without women's participation in the debate on the reform of international financial architecture.     

The growth in Social Security benefits among the retirement-age population from increases in the cap on covered earnings

Analysts have proposed raising the maximum level of earnings subject to the Social Security payroll tax (the "tax max") to improve long-term Social Security Trust Fund solvency. This article investigates how raising the tax max leads to the "leakage" of portions of the additional revenue into higher benefit payments. Using Health and Retirement Study data matched to Social Security earnings records, we compare historical payroll tax payments and benefit amounts for Early Boomers (born 1948-1953) with tax and benefit simulations had they been subject to the tax max (adjusted for wage growth) faced by cohorts 12 and 24 years older. We find that 43.2 percent of the additional payroll tax revenue attributable to tax max increases affecting Early Boomers relative to taxes paid by the cohort 12 years older leaked into higher benefits. For Early Boomers relative to those 24 years older, we find 53.5 percent leakage.