Understanding the effects of Covid-19 through a life course lens.

The Covid-19 pandemic is shaking fundamental assumptions about the human life course in societies around the world. In this essay, we draw on our collective expertise to illustrate how a life course perspective can make critical contributions to understanding the pandemic's effects on individuals, families, and populations. We explore the pandemic's implications for the organization and experience of life transitions and trajectories within and across central domains: health, personal control and planning, social relationships and family, education, work and careers, and migration and mobility. We consider both the life course implications of being infected by the Covid-19 virus or attached to someone who has; and being affected by the pandemic's social, economic, cultural, and psychological consequences. It is our goal to offer some programmatic observations on which life course research and policies can build as the pandemic's short- and long-term consequences unfold.

The American Opportunity Study: A New Infrastructure for Monitoring Outcomes, Evaluating Policy, and Advancing Basic Science.

The American Opportunity Study is an ongoing initiative to build the country's capacity to access and analyze linked administrative data. It is best viewed as a population-level scaffolding on which other administrative data can then be hung. This scaffolding, if used as a stand-alone resource, will allow for long-run analyses of fundamental population and labor market processes. If combined with data from other sources, it will allow for long-run program evaluation and other experimental and quasi-experimental analyses. We discuss the current status of the American Opportunity Study, its potential to advance the field, remaining obstacles that must be overcome to build it, and how it can work within the guidelines suggested by the Commission on Evidence-Based Policymaking.

A Universal Child Allowance: A Plan to Reduce Poverty and Income Instability Among Children in the United States.

To reduce child poverty and income instability, and eliminate extreme poverty among families with children in the United States, we propose converting the Child Tax Credit and child tax exemption into a universal, monthly child allowance. Our proposal is based on principles we argue should undergird the design of such policies: universality, accessibility, adequate payment levels, and more generous support for young children. Whether benefits should decline with additional children to reflect economies of scale is a question policymakers should consider. Analyzing 2015 Current Population Survey data, we estimate our proposed child allowance would reduce child poverty by about 40 percent, deep child poverty by nearly half, and would effectively eliminate extreme child poverty. Annual net cost estimates range from $66 billion to $105 billion.

Redistributional Policy in Rich Countries: Institutions and Impacts in Nonelderly Households.

We review research on institutions of redistribution operating in high-income countries. Focusing on the nonelderly, we invoke the concept of the household income package, which includes income from labor, from related households, and from the state. Accordingly, we assess three institutional arenas: predistribution (rules and regulations that govern paid work), private redistribution (interhousehold transfers), and conventional public redistribution (operating via cash transfers and direct taxes). In each arena, we assess underlying policy logics, identify current policy controversies, summarize contemporary cross-national policy variation, and synthesize existing findings on policy effects. Our assessment of redistributional effects focuses on three core socioeconomic outcomes: low pay, child poverty, and income inequality. We close by assessing how the three institutional arenas perform collectively and by calling for further work on how these institutions change over time and how they affect subgroups differentially.

The PSID in Research and Policy.

The PSID has remained a valuable vehicle for evidence-based policy research for decades and should remain so for many more. In this short review, I cover major policy-related strengths from PSID research in the areas of event history analysis; mobility and volatility; cross national comparisons; health and health insurance; mobility into and out of poverty; the effects of parental income on children; and the use of the child development sample to broaden the PSID policy focus in new and interesting ways. I also include the emerging study of longer term intergenerational patterns of mobility and transfer, including across three generations. Finally, I take up the question of how PSID data and methods could be further improved to make the survey more valuable to public policy, focusing on administrative data linkages.

Multiple Barriers to Economic Opportunity for the "Truly" Disadvantaged and Vulnerable.

This article answers several questions: Which subgroups of the U.S. population-designated by race, ethnicity, family structure, educational status, income, wealth, consumption, or other characteristics-appear to be particularly vulnerable to a lack of economic opportunity based on household characteristics of the family and its children? To what degree does poor access to economic advancement appear to reflect low income or wealth, or do additional barriers contribute substantially to some subgroups' limited opportunities? Similarly, what advantages accrue to high-income and other privileged groups, such as those born into a well-established married family? What does current research tell us about the mechanisms through which barriers operate and policies that might be effective in reducing them?

A New Infrastructure for Monitoring Social Mobility in the United States.

The country's capacity to monitor trends in social mobility has languished since the last major survey on U.S. social mobility was fielded in 1973. It is accordingly difficult to evaluate recent concerns that social mobility may be declining or to develop mobility policy that is adequately informed by evidence. This article presents a new initiative, dubbed the American Opportunity Study (AOS), that would allow the country to monitor social mobility efficiently and with great accuracy. The AOS entails developing the country's capacity to link records across decennial censuses, the American Community Survey, and administrative sources. If an AOS of this sort were assembled, it would open up new fields of social science inquiry; increase opportunities for evidence-based policy on poverty, mobility, child development, and labor markets; and otherwise constitute a new social science resource with much reach and impact.

Identifying the poorest older Americans.

OBJECTIVES: Public policies target a subset of the population defined as poor or needy, but rarely are people poor or needy in the same way. This is particularly true among older adults. This study investigates poverty among older adults in order to identify who among them is financially worst off. METHODS: We use 20 years of data from the Consumer Expenditure Survey to examine the income and consumption of older Americans. RESULTS: The poverty rate is cut in fourth if both income and consumption are used to define poverty. Those most likely to be poor defined by only income but not poor defined by income and consumption together are married, White, and homeowners and have a high school diploma or higher. The income poor alone display sufficient assets to raise consumption above poverty thresholds, whereas the consumption poor are shown to have income just above the poverty threshold and few assets. DISCUSSION: The poorest among the older population are those who are income and consumption poor. Understanding the nature of this double poverty population is important in measuring the success of future public policies to reduce poverty among this group.

The income and wealth packages of older women in cross-national perspective.

OBJECTIVES: We assess the income and wealth packages of older women's (age 65+ years) households and the extent to which low income is paired with low wealth, across a group of six high-income countries. METHODS: We use data on income and net worth from the Luxembourg Wealth Study, a new cross-national microdatabase. We define income poverty as having household income less than 50% of the national median and asset poverty as holding financial assets equivalent to less than 6 months of income at the poverty threshold. RESULTS: Older women typically have less income than do members of younger households at the national median, but their wealth holdings are generally much higher than their country's median wealth holdings. Older women's households in the United States report the highest net worth across these countries, in part because older American women have comparatively high rates of homeownership. However, American older women are also substantially more likely to be income poor. They also report high levels of asset poverty, as do women across all our comparison countries, with Sweden as a partial exception. DISCUSSION: Further research is needed to identify the most vulnerable subgroups, to integrate analyses of necessary expenditures, and to assess policy implications.

No place like home: older adults and their housing.

OBJECTIVES: The home is both older Americans' largest asset and their largest consumption good. This article employs new data on the consumption and assets of older Americans to investigate what role the home plays in the economic lives of older adults. METHODS: We used 20 years of data from the Consumer Expenditure Survey to examine the asset and consumption trends of four cohorts of older Americans. We compared the data with other survey results. RESULTS: Older Americans' homeownership rates were stable until age 80. The homes were increasingly mortgage free; home equity increased with age, and relatively few older adults took out home equity loans or reverse annuity mortgages. Housing consumption flows increased with age; nonhousing consumption flows declined after age 60 at a rate of approximately 1.4% per year. DISCUSSION: The results suggest that the consumption of cohorts of older Americans does not decrease dramatically over a 20-year period and that they are also not converting their housing assets into other types of income or consumption, at least up to age 80. A number of reasons, including the bequest motive and the life cycle hypothesis, might explain this behavior.