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HLEG thematic workshop on Economic Insecurity, Mark Schlesinger, discussant
- 1. Some Brief Responses to Ariel Kalil’s Presentation on the Impact of Subjective Economic Insecurity Mark Schlesinger HLEG Workshop on Economic Insecurity March 3, 2016
- 2. Key Points Applaud: Multi-dimensionality of Subjective Assessments, Ripple Effect Within Households Caveat 1: Strain and Insecurity Related But Distinct Caveat 2: Insecurity Mediated by Buffers Caveat 3: Insecurity Influenced by Social Networks Caveat 4: A Persisting Legacy from Past Shocks
- 3. Socio-Demographic Disparities in Buffers Respondent Group How Long Household Go Without Added Income How Much Can Be Borrowed from Social Network One Week or Less One Month or Less Nothing $5000 or Less White 6.1% 23.5% 43.8% 59.3% African American 14.0% 41.4% 55.7% 82.3%
- 4. Impact of Experienced Shocks on Risk Perceptions Assigning Uncertain Prospects to a Higher Risk Stratum Political Attitudes Experience with Event Republicans vs. Democrats Conservatives vs. Liberals Own Experience, Past Year Others Experience, Past Year Own Experience, Before Past Year Losing One’s Job 0.66 1.15 1.82 1.26 0.96 Lost Work Due to Illness 0.80 1.11 1.53 1.08 1.24 Losing One’s Partner* 0.74 1.37 1.40 1.15 1.11 Large Medical Expenses 0.81 1.13 1.44 1.35 1.36 Financial Aid to Family 0.79 1.12 1.59 1.47 1.63 Housing Affordability 0.75 0.99 1.39 0.99 1.19
- 5. Impact of Experienced Shocks on Risk Perceptions Assigning Uncertain Prospects to a Higher Risk Stratum Political Attitudes Experience with Event Republicans vs. Democrats Conservatives vs. Liberals Own Experience, Past Year Others Experience, Past Year Own Experience, Before Past Year Losing One’s Job 0.66 1.15 1.82 1.26 0.96 Lost Work Due to Illness 0.80 1.11 1.53 1.08 1.24 Losing One’s Partner* 0.74 1.37 1.40 1.15 1.11 Large Medical Expenses 0.81 1.13 1.44 1.35 1.36 Financial Aid to Family 0.79 1.12 1.59 1.47 1.63 Housing Affordability 0.75 0.99 1.39 0.99 1.19
- 6. Impact of Experienced Shocks on Risk Perceptions Assigning Uncertain Prospects to a Higher Risk Stratum Political Attitudes Experience with Event Republicans vs. Democrats Conservatives vs. Liberals Own Experience, Past Year Others Experience, Past Year Own Experience, Before Past Year Losing One’s Job 0.66 1.15 1.82 1.26 0.96 Lost Work Due to Illness 0.80 1.11 1.53 1.08 1.24 Losing One’s Partner* 0.74 1.37 1.40 1.15 1.11 Large Medical Expenses 0.81 1.13 1.44 1.35 1.36 Financial Aid to Family 0.79 1.12 1.59 1.47 1.63 Housing Affordability 0.75 0.99 1.39 0.99 1.19
- 8. Assessing Subjective Probabilities (Without Clumping)