There are vast differences in wealth holdings, even among households in similar age groups. In addition, a large percentage of U.S. households arrive close to retirement with little or no wealth. While many explanations can be found to rationalize these facts, approximately thirty percent of...

In this paper, we examine household savings using data from the National Longitudinal Survey, Cohort 1997. This data set provides detailed information about assets and liabilities of parents with teen-age children. In our empirical work, we have first to deal with several problems in measuring...

In the past two decades the widely reported personal saving rate in the United States has dropped from double digits to below zero. First, we attempt to account for the decline in the National Income and ProductAccounts (NIPA) saving rate. The macroeconomic literature suggests that about half of...

Children's interests were frequently invoked during the congressional debate of the Personal Responsibility and Work Opportunity Reconciliation Act (hereafter referred to as the Personal Responsibility Act). Those who supported the act, those who wanted to amend it, and those who opposed it...

This research investigates the effects of poverty in early adulthood on future earnings. While social scientists are beginning to amass a considerable literature on the effects of poverty on outcomes for children, few have investigated the damage that impoverishment may do in early adulthood...

In this paper we sort through conflicting theory and evidence regarding the impacts of welfare reform on children’s well-being and development. <p>Our conclusions regarding likely child impacts depend crucially on the ages of the children studied. In the case of elementary-school children, the...</p>

A downturn in the economy is inevitable — at some point, policy makers at the federal, state and local level will be faced with decisions about how to sustain a work-based assistance system when jobs are less readily available. With a fixed level of funding states and localities will be faced...