How Big a Boost Do Working Seniors Give the Economy? (June 12, 2013)

The video explores the impact of older Americans working past retirement age, highlighting individuals like Rosa Finnegan who continue to contribute to the economy. It discusses the potential benefits of this trend, such as increased tax revenue and economic growth, while also addressing challenges like health issues and limited job opportunities. Economists offer differing views on the significance of this trend, with some emphasizing its potential to alleviate fiscal pressures and others questioning its overall impact. The video concludes by considering the future role of older workers in the economy.

What is one potential benefit of older individuals like Rosa Finnegan continuing to work?

• They can decrease the number of people paying taxes.

• They can increase the retirement age for everyone.

• They can increase the number of retirees drawing benefits.

• They can reduce the gap between government spending and tax revenues.

How does Steve Baney contribute to the economy?

• By retiring early and drawing benefits.

• By avoiding taxes through offshore accounts.

• By working in a non-taxable sector.

• By paying taxes on his income from running a business.

What is a potential outcome if more older individuals continue to work?

• A decrease in Social Security and Medicare benefits.

• An increase in the number of retirees.

• A reduction in the labor force.

• A rise in tax revenues supporting government programs.

What is one reason economist Julie Simopoulos believes older people working longer is beneficial?

• It reduces the labor force.

• It grows the labor force and supports Social Security.

• It increases the retirement age.

• It decreases the GDP.

What challenge might prevent older individuals from continuing to work?

• High demand for their skills.

• Lack of interest in working.

• Poor health or strenuous job conditions.

• Excessive retirement savings.

What is a potential financial benefit for individuals working longer?

• Higher taxes and reduced income.

• Lower wages and benefits.

• Increased retirement savings and financial security.

• Decreased job opportunities.

How does Mark Friedman view the trend of older individuals working longer?

• As an opportunity for societal growth and resource utilization.

• As a temporary solution to economic issues.

• As a burden on the economy.

• As a way to reduce the workforce.