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[Jesús Fernández-Villaverde @JesusFerna7026]

Yesterday, I highlighted the distributional concerns raised by aged societies: those with high life expectancy and low fertility. Many readers objected that the elderly need fewer resources, since they often already own a home, are less active, and have no young children to support.

All of that may be true, but it is not how the political system works. No large group of voters ever concludes that it receives too much. If you are in academia, have you ever met a colleague who thinks they are overpaid and asks for a pay cut while keeping their current duties? Or that has walked into the chair’s office and asked for extra teaching because their current teaching load is too low?

Spain is a good illustration. Not because Spain matters much (though we do seem to know how to play football), but because it is a fairly aged society, because I have good data that a friend helped me put together, and because I understand the country well. I suspect Spain shows what is already happening elsewhere or is about to.

The figure plots income by age group in four panels. The top panel is market income: wages, capital income, and so on. Those between 65 and 85 have the lowest market income. (Figures for those above 85 are hard to come by, because the sample is small.) I then add government transfers (gross income, second panel), subtract taxes (disposable income, third panel), and add in-kind transfers, mainly health services, since Spain runs quite a generous national health system (extended disposable income, fourth panel).

The last panel is the most interesting. Once the government has finished redistributing, those between 65 and 85 have the highest income in the country, ahead even of those between 50 and 65, who are at the peak of their market income and, usually, of their professional careers.

In welfare terms, the picture is starker still. Extended disposable income leaves out the flow of services from owner-occupied housing. It also ignores the fact that retirement benefits are indexed to inflation each year, so the elderly bear far less income risk than those still in the labor market.

Is this outcome a surprise? Of course not. Those over 65, and those approaching it, are the largest voting bloc in Spain.

Why do you think your own country will be different?

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@RickRockwelll He made a mistake in the heat of the moment. In no way you can call him a traitor on that basis. You can’t make judgements like that.

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@HaagseChecker @Sywert Ga je met iemand anders bezighouden oetlul

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@NetteMeneer @De_NieuweWereld @ZihniOzdil Islam is misschien nog wel meer hersenspoelend dan christendom wat betreft immigratie/ genetische verschillen

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@SimonJalbert Send

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@dtcalchemist Creative

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@SimonJalbert Would be nice

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@SimonJalbert SEND

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@SaaSWiz Send

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@huntkyle Send

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@thesteveduke Ship

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@stevefduke Cashflow

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@ecomsecretss PDF

[🌲 Mac Finn 🌲 @ogmios]

But since many of the White ancestors came over the last three centuries, they also include a map of ancestral birthplaces in Europe. You can see that the English, Scotch, and Irish were always coming to America, but some, for example the French, largely stopped near Gen. 5.

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@Pelayo_Segundo Yes, divide getting larger every day.

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@JeffRaines1 @IlluminatiExpr1 @ELuttwak

[Christoph Breuer @chribreuer]

Is Southern Germany richer than Northern Germany due to different forms of agriculture? Northern Ger was dominated by large farms, where most people worked for the Lord of the manor , while in Southern Ger small family owned farms dominated (in German)

https://t.co/eNs9qHG84g

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Dubbele gevoelens over de sfeer binnen D66.

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@GuiDurocher @Maekar7 Very hard to think of things. Nothing seems to change but then suddenly things start to move.

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@ScottMGreer In the Netherlands, a doctor used his own sperm to inseminate 90 women. Also used the sperm of a black guy with asperger from Suriname while telling the women it was sperm from a european guy.