TITLE

Economic Implications of 'The Senior Citizens' Freedom to Work Act of 2000. '

AUTHOR(S)
Ford, William F.
PUB. DATE
July 2000
SOURCE
Business Economics;Jul2000, Vol. 35 Issue 3, p59
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
On April 7, 2000 President Clinton signed "The Senior Citizens' Freedom to Work Act" (the Act). This legislation sharply reduces the Social Security Act retirement benefit penalties previously imposed on workers aged sixty-five to sixty-nine who earned more than nominal incomes after enrolling in the program. This paper describes the Act's major features and how they will impact the earnings streams of current and future beneficiaries. It then explores the implications for labor force participation, aggregate output, and federal revenue and expenditure--concluding that the net impact may be to increase federal surpluses. It is likely to create complex employment issues and increased private-sector costs, particularly during an economic downturn.
ACCESSION #
3382451

 

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