Official Poverty Statistics Mask the Economic Vulnerability of Seniors A Comparison of Maine to the Nation An

In this brief, authors Andrew Schaefer and Beth Mattingly compare Maine, one of the oldest states in the nation, to the United States as a whole. Historically, both children and the elderly were regarded as vulnerable groups in need of support from government programs. Traditional poverty estimates suggest that at least since the late 1960s, senior poverty has been on the decline, whereas poverty among children has increased. Declines among seniors are largely attributable to the advent of programs such as Social Security. Similar to the nation, about half of Maine seniors (51.0 percent) would be poor without Social Security benefits. However, traditional poverty measurement masks the role rising medical costs play in pushing seniors into poverty. The newer Supplemental Poverty Measure (SPM), which accounts for these costs, reveals that more than one in ten Maine seniors over age 55 were living below the poverty line in 2009–2013. This is 2.3 percentage points higher than official estimates suggest. Without medical expenses, the SPM indicates that poverty among Maine seniors would be roughly cut in half, from 10.2 percent to 5.2 percent. A similar reduction is evident across the United States (from 14.2 percent to 9.0 percent), though this represents a smaller relative reduction in poverty (by just over one-third)

A Closer Look at the Spending Patterns of Older Americans

The aging of the United States population will influence the economy for many years to come. The Census Bureau projects that in 2050, the population aged 65 and older will be 83.7 million, almost double its estimate of 43.1 million in 2012. This article examines the spending patterns of households with a reference person age 55 and older. Age 55 was chosen because the article focuses on spending changes that occur as household members age and transition to retirement as well as during retirement. Understanding expenditure patterns in later life is crucial to evaluating financial security in retirement. This analysis uses integrated data from the 2014 Consumer Expenditure Survey (CE), which separates the 55-and-older age range into three groups: ages 55–64, 65–74, and 75 and older

The Internationalization of Agency Actions

U.S. agencies routinely base their domestic regulations on international considerations, such as the benefits of coordinating American and foreign standards or the foreign policy advantages of a particular policy. I refer to this phenomenon as the internationalization of agency actions. This Article examines what the internationalization of agency actions means for agency decision-making processes, institutional design, and legal doctrine. It creates a stylized model of how agencies determine whether to coordinate their standards with foreign regulations. Among other institutional design findings, it shows that court opinions that reduce the stringency of judicial review when agencies implement internationally coordinated standards make such coordination more likely to occur, but they simultaneously deprive the executive of bargaining power because U.S. agencies cannot credibly threaten that any coordinated agreement must align more closely with U.S. values or risk being overturned in U.S. courts. This Article also develops a taxonomy of international factors relied on by agencies and applies that taxonomy to help clarify the doctrinal issue of whether and when agencies can use international factors to justify their actions in court. This taxonomical approach shows how the Supreme Court’s opinion in Massachusetts v. EPA can reasonably be read to allow agencies to invoke a far broader range of foreign policy rationales than some prevailing views suggest

What is European integration really about? A political guide for economists

Europe’s monetary union is part of a broader process of integration that started in the aftermath of World War II. In this “political guide for economists” we look at the creation of the euro within the bigger picture of European integration. How and why were European institutions established? What are the goals and determinants of European Integration? What is European integration really about? We address these questions from a political-economy perspective, building on ideas and results from the economic literature on the formation of states and political unions. Specifically, we look at the motivations, assumptions, and limitations of the European strategy, initiated by Jean Monnet and his collaborators, of partially integrating policy functions in a few areas, with the expectation that more integration will follow in other areas, in a sort of chain reaction towards an “ever-closer union.” The euro with its current problems is a child of that strategy and its limits

Increasing United States Investment in Foreign Securities: An Evaluation of SEC Rule 144A

The dimension of a poset $P$ is the minimum number of total orders whose intersection is $P$. We prove that the dimension of every poset whose comparability graph has maximum degree $\Delta$ is at most $\Delta \log ^{1+o(1)} \Delta$. This result improves on a 30-year old bound of Füredi and Kahn and is within a $\log ^{o(1)}\Delta$ factor of optimal. We prove this result via the notion of boxicity. The boxicity of a graph $G$ is the minimum integer $d$ such that $G$ is the intersection graph of $d$-dimensional axis-aligned boxes. We prove that every graph with maximum degree $\Delta$ has boxicity at most $\Delta \log ^{1+o(1)} \Delta$, which is also within a $\log ^{o(1)}\Delta$ factor of optimal. We also show that the maximum boxicity of graphs with Euler genus $g$ is $\Theta (\sqrt {g \log g})$, which solves an open problem of Esperet and Joret and is tight up to a constant factor

Global and european labor costs.

Cost; Costs;

Global and European Labor Costs

Multinational companies and national governments pay considerable attention to labor cost and labor productivity differentials across countries. This paper analyses total and unit labor differentials for a group of European and non-European countries in the 1960-1998 period. It deals with (i) the magnitude of total labor cost differences (ii) the developments in unit labor cost and labor productivity (iii) the convergence process between countries with higher and lower labor costs.

Parting with Illusions: Developing a Realistic Approach to Relations with Russia

A review of America's post-Soviet strategy toward Russia is long overdue. The illusions that once guided policy are now at an end. What is needed is a dispassionate approach to Russia, wherein Americans would neither magnify nor excuse the virtues and vices of the Russian Federation but would accept the following realities: Russia is unlikely to become integrated into the Euro-Atlantic community and is unwilling to adjust its foreign policy priorities accordingly; There is broad-based support within Russia for the direction in which Vladimir Putin has taken the country;Russia has undergone a genuine -- if limited -- recovery from the collapse of the 1990s; Washington lacks sufficient leverage to compel Russian acquiescence to its policy preferences; and On a number of critical foreign policy issues, there is no clear community of interests that allows for concepts of "selective partnership" to be effective. Any approach to Russia must be based on realistic expectations about the choices confronting Washington. The United States has two options. It can forgo the possibility of Russian assistance in achieving its key foreign policy priorities in an effort to retain complete freedom of action vis-a-vis Moscow. Or it can prioritize its objectives and negotiate a series of quid pro quos with Russia. The latter choice, however, cannot be indefinitely postponed. Seeking an accommodation with Russia is more likely to guarantee American success in promoting its core national interests while minimizing costs -- but will require U.S. policymakers to accept limits on what can be demanded of Russia

Global and European Labor Costs

Multinational companies and national governments pay considerable attention to labor cost and labor productivity differentials across countries. This paper analyzes total and unit labor differentials for a group of European and non-European countries in the 1960-1998 period. It deals with (i) the magnitude of total labor cost differences (ii) the developments in unit labor cost and labor productivity (iii) the convergence process between countries with higher and lower labor costs.