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Olivia S. Mitchell

Dr. Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor, as well as Professor of Insurance/Risk Management and Business Economics/Policy; Executive Director of the Pension Research Council; and Director of the Boettner Center on Pensions and Retirement Research; all at the Wharton School of the University of Pennsylvania. Concurrently Dr. Mitchell serves as a Research Associate at the NBER; Independent Director on the Wells Fargo Advantage Fund Trusts Board; Co-Investigator for the Health and Retirement Study at the University of Michigan; Member of the Executive Board for the Michigan Retirement Research Center; and Senior Scholar of the Centre for Silver Security at the Sim Ki Boon Institute of Singapore Management University. She also advises the Centre for Pensions and Superannuation UNSW and serves on the Scientific Board for Netspar in the Netherlands; she is also Faculty Affiliate of the Wharton Public Policy Initiative. She received the MA and PhD degrees in Economics from the University of Wisconsin-Madison, and the BA in Economics from Harvard University. She currently is a Senior Editor of the Journal of Pension Economics and Finance.

Professor Mitchell’s professional interests focus on public and private pensions, insurance and risk management, financial literacy, and public finance. Her recent research is exploring how systematic longevity risk and financial crises can shape household portfolios and work patterns over the life cycle, the economics and finance of defined contribution pensions, financial literacy and wealth accumulation, and claiming behavior for Social Security benefits. Her research has been published in leading academic journal including theAmerican Economic Review, the Journal of Public Economics, and the Review of Finance, and it has been featured in outlets such as The Economist, the New York Times, and the Wall Street Journal. She has written or edited more than 25 books and 180 published articles.

Dr. Mitchell received the Fidelity Pyramid Prize for research improving lifelong financial well-being; the Carolyn Shaw Bell Award of the Committee on the Status of Women in the Economics Profession; and the Roger F. Murray First Prize from the Institute for Quantitative Research in Finance. She was also honored with the Premio Internazionale Dell’Istituto Nazionale Delle Assicurazioni (INA) ex aqueo from the Accademia Nazionale dei Lincei in Rome. Her study of Social Security reform won the Paul Samuelson Award for “Outstanding Writing on Lifelong Financial Security” from TIAA-CREF. In 2011, Investment Advisor Magazine named her one of the “25 Most Influential People” and “50 Top Women in Wealth;” in 2010 she received the Retirement Income Industry Association’s Award for Achievement in Applied Retirement Research; and in 2010 Wealth Management Magazine named her one of the “50 Top Women in Wealth.”

Previously Professor Mitchell chaired Wharton’s Department of Insurance and Risk Management, and she also taught for sixteen years at Cornell University. She served as a Commissioner on the President’s Commission to Strengthen Social Security; a Member of the US Department of Labor’s ERISA Advisory Council; and on the Board of Directors of Alexander and Alexander Services, Inc., the Board of the American Economic Association, the Advisory Board for the Central Provident Fund of Singapore, the National Academy of Social Insurance Board, the Board of the Committee on the Status of Women in the Economics Profession, and the GAO Advisory Board. She also co-chaired the Technical Panel on Trends in Retirement Income and Saving for the Social Security Advisory Council.

Professor Mitchell has visited and taught at numerous institutions including Harvard University, the NBER, Cornell University, the Goethe University of Frankfurt, the Singapore Management University, and the University of New South Wales. Professor Mitchell has consulted with many public and private groups including the World Economic Forum, the International Monetary Fund, the Investment Company Institute, the President’s Economic Forum, the World Bank, the International Foundation of Employee Benefit Plans, the White House Conference on Social Security, the Q Group, and the Association of Flight Attendants. She has also been invited to testify for numerous committees of the US Congress, the UK Parliament, the Australian Parliament, the US Department of Labor, and the Brazilian Senate. She speaks Spanish and Portuguese, having lived and worked in Latin America, Europe, and Australasia.  

Education

PhD, University of Wisconsin-Madison, 1978; MA, University of Wisconsin-Madison, 1976; BA, Harvard University,1974

Title(s)

International Foundation of Employee Benefit Plans Professor, Professor of Business Economics and Public Policy, Professor of Insurance and Risk Management, Executive Director, Pension Research Council

Center(s)

Executive Director, Pension Research Council

School(s)

Wharton

Department(s)

Business Economics and Public Policy

Twitter Handle

In the News

  • Faculty Affiliate Olivia Mitchell comments on the juxtaposition of General Electric’s $45 billion in stock buybacks in recent years to their growing pension liabilities.

    “It’s a clear tension. Buybacks clearly use assets available not to fund the pension promise but to make shareholders happy.”
  • Pennsylvania Governor Tom Wolf signed legislation that would restructure future public employee’s pension plans to be solvent. The plan does not fix the current shortfall, however, as it only affects future employees.

    Faculty Affiliate Olivia Mitchell commented, “The fact that they have to reform for all future hires means that, eventually, and very eventually, there will be some relief. However, the current defined benefit plan is underfunded and is not fixed by that reform.”
  • What differentiates the financial success stories from the others turns out to be exposure–in school or the workplace–to financial education, says WSJ Wealth Expert Olivia Mitchell of the Wharton School. 

    “As the U.S. economy moves into a higher-interest rate environment, this will deeply challenge the rising number of Americans who hold more debt and are more financially fragile than ever before. Enhancing financial knowledge across the board can reduce wealth inequality and relieve much financial stress in this do-it-yourself world.”
  • Faculty Affiliate Olivia S. Mitchell comments on how American companies are trying to stop employees from raiding their 401(k)s, in an attempt to ensure that older workers can afford to retire and make room for younger, less-expensive hires.
  • Research from Faculty Affiliate Olivia S. Mitchell explores the option of a deferred annuity instead of typical 401K payouts for retirees. 
  • It is not hyperbole to blame Philadelphia’s underfunded pensions for the city’s high taxes, dirty sidewalks, potholed-filled streets, and struggling schools. Every dollar the city has to contribute to fill the pension gap is a dollar that could have gone towards fixing one of those pressing problems.

    Last year Philadelphia’s pension fund floundered in the markets, taking a $149 million loss in the fiscal year that ended June 30th, 2016. That marked a 3.17 percent decline that followed the previous fiscal year’s anemic 0.29 percent return.

    “Most public pension managers hope they will make a higher return by investing in riskier assets,” said Faculty Affiliate Olivia Mitchell. “But what they are not acknowledging up front is that risky assets are risky, and you will lose 20 percent sometime.”

    With stocks, and even corporate bonds, “some of the time you flop, and sometimes you win big,” she said. “Pensions should go into much safer assets.”
  • Pensions are, in a sense, a necessary by-product of a rich economy. But what will it take to sell the idea to the rural poor? Especially when their income (never particularly substantial) is seasonal, increasing at harvest time and with demand in the cities for construction-related labor. What are the inducements that can convince them to invest for a future forced upon them by the changing social structure?

    Faculty Affiliate Olivia S. Mitchell set out to answer these questions in a research paper titled, “Assessing the Demand for Micropensions among India’s Poor.”

  • Faculty Affiliate Olivia S. Mitchell writes for Forbes on annuities in retirement plans. According to her research, including well-designed longevity annuities as defaults in 401k plans and IRAs would make most workers better off. Putting the pensions back into retirement plans is a sensible way to manage retirement risk.
  • According to a new controversial proposal, raising the Social Security retirement age to 76 will be “fairer” and incentivize more labor force participation, as well as extend Social Security coverage. 

    Research by Faculty Affiliate Olivia Mitchell, however, claims the opposite: she want to reward people who delay claiming their Social Security benefits and keep working, without changing the retirement age. The lump sum would encourage workers to voluntarily stay on the job, on average by about 1 1/2 to 2 years longer, she calculates.

  • In an article co-written by Faculty Affiliate Olivia S. Mitchell, Philadelphia is spotlighted as one of three major cities that that is designing solutions to help our workforce save more and retire more comfortably in a new local approach. 
  • As more and more Americans work longer and longer into their careers, the retirement years are shrinking, too. According to Faculty Affiliate Olivia S. Mitchell, this trend toward working longer is actually a return to the realities of the early 1900s before the advent of Social Security and what we now consider the “old-fashioned” pension plans that pay monthly benefits for life. Back then, people worked for as long as they were physically able. “Sitting around and doing nothing was an alien concept,” says Mitchell. 

  • Nearly 7 million workers for California companies will be automatically enrolled in a new state-run retirement program under a bill signed Thursday by Gov. Jerry Brown.

    Auto-enrollment has become popular in private sector pensions because it allows an employee to start saving immediately without much of a delay, said Faculty Affiliate Olivia Mitchell.

    “They may be auto-enrolled but if they’re living hand-to-mouth … then maybe it turns out to be much less successful than it has been for higher-wage workers,” Mitchell said.
  • According to research from Faculty Affiliate Olivia S. Mitchell, Baby Boomer women–now in their 50s and 60s–are doing worse financially than older women in the 1990s. One reason they’re in worse shape is that older women today hold more debt than their peers did in the past.

    “Our study also shows that less financially literate women are unlikely to plan for retirement, rendering them financially fragile. One reaction to this larger debt has been that many boomer women are remaining employed to pay their bills,” she comments.
  • A study published via the National Bureau of Economic Analysis, co-authored by Faculty Affiliate Olivia S. Mitchell, compares elderly Americans’ willingness to delay financial gratification with their personal characteristics and lifetime outcomes.

    More than half of the 70+ year olds surveyed specified more than $160 to wait a year, while many suggested $200. Overall, their average discount rate was 54%, twice as high as the level for younger and middle-aged people.

    “If you only have six months left to live, then it doesn’t make much sense to think about long term,” said Mitchell. 

  • As questions rise about Social Security’s solvency, Faculty Affiliate Olivia S. Mitchell and her team have found a possible solution: Add a lump-sum cash payment as an optional benefit for delaying Social Security filing.

    Not only would this encourage more people would work longer, which would improve their retirement security, but In addition, their earnings would keep generating payroll taxes, thereby bolstering Social Security’s troubled finances. “I think the delayed claiming option is really something we need to talk about,” Mitchell says.

    Read more in her Issue Brief: http://bit.ly/IssueBriefV3N9
  • As Social Security faces financial struggles, Faculty Affiliate Olivia S. Mitchell discusses a new idea to help solve the deficit. She argues that lump-sum payouts serve as an incentive to put off collecting Social Security and increase solvency. 

  • The global financial meltdown profoundly shook the foundations of retirement security, in the US and around the world. Faculty Affiliate Olivia S. Mitchell comments on how a better understanding of risk is essential to better retirement planning and how how retirement planning and long-term financial security have changed following the crisis.

  • California is debating a new fix to a tricky problem: workers whose jobs don’t offer a pension, 401(k) or other retirement savings plans. If it becomes law, Monday’s long-awaited proposal from a California board would set up a state-administered plan, and require most businesses to offer it or some other type of savings plan for their employees.


    “Washington, Illinois, New York City have been talking about [similar plans],” said Faculty Affiliate Professor Olivia Mitchell. Done well, new retirement savings plans could enable well-meaning small business owners to give a valuable benefit to their employees that was out of reach before.

  • In investing, choice usually is a good thing. But new research suggests that having too many choices in a 401(k) retirement plan could be costly for participants. “Too many choices may create confusion, resulting in poorly informed consumer decisions,” says the report by Faculty Affiliate Olivia S. Mitchell. 

  • Have you thought about where you are going to retire? Don’t forget to think about your destination state’s income tax rate and tax base. Faculty Affiliate Professor Olivia S. Mitchell explains this and what else you shouldn’t overlook. 
  • Don’t assume your retirement will be worry free - a provision, known as the government pension offset (GPO), could reduce your Social Security spousal or survivor payments if you worked in a public-sector job not covered by Social Security.

    Estimating liabilities is difficult because state pension administrators aren’t subject to the same financial and accounting standards as private pensions, says Olivia Mitchell, a professor at the University of Pennsylvania’s Wharton School and executive director of the Pension Research Council. “States have tremendous leeway in how they calculate liabilities,” she says. In particular, states can project much higher investment returns than private pensions can.
  • In light of the new budget law’s changes to social security, many Boomers are wondering how they should face the cuts. When an audience member at a Brookings Institution forum on retirement planning asked how folks now closing in on retirement can plan for cuts come 2034, when they’ll be too old to  make ends meet with a part time job, Faculty Affiliate Olivia S. Mitchell offered this spot on response: 

    “What I would recommend is we have a presidential election coming up. I would put the feet of every one of the candidates to the fire and say ‘what are you going to do and let’s do it now so I don’t have to be 85 and facing a benefits cut.’”


    Read more on Mitchell’s research on social security in this Issue Brief The Potential Effect of Offering Lump Sums in the Social Security Program. The shortened link to the brief is: http://bit.ly/IssueBriefV3N9 
  • “This has been a long time in coming,” said Faculty Affiliate Olivia Mitchell, “yet it’s just a first step, and more needs to be done to enhance retirement security for an ever longer-lived population.”

    How the new nationwide retirement savings plan will help people without a 401(k) or other plan at work have a free savings option with a modest guaranteed return.

  • “It’s fiscally irresponsible for states to promise American workers pension guarantees unless they are honest about the high price of such protection and unless they bill people wanting the protection for its substantial cost.”

    Faculty Affiliate Olivia Mitchell comments on pension plans for American’s without money set aside for retirement.

     

  • “Chile’s pension system has been touted as “best practice” by policymakers and researchers around the world. The nation’s funded and regulated private pension funds called Administradoras de Fondos de Pensiones (AFPs) and financed by workers’ mandatory 10% contributions, has now accumulated over $160 billion in privately-managed accounts. Faculty Affiliate Professor Olivia S. Mitchell speaks about her experience on the Presidential Panel advising Chile’s adjustments to this policy and about her advice for the U.S. 
  • Recently, the Senate Special Committee on Aging had a hearing looking into pension-advance schemes–lending companies offer retirees a lump-sum payment upfront for several years worth of pension until the advance is paid off. While many are skeptical of this method, Faculty Affiliate Professor Olivia Mitchell said pension advances can have a legitimate use — for instance, for a senior in financial crisis with bad credit who needs money right away. And she pointed out that many corporations routinely offer pension buyouts to hourly and salaried workers when they retire. But, she said, “People are very financially illiterate, and they have a ‘lump-sum illusion problem’ — they think that it’s really worth a lot, and maybe they’re not getting the full value.”
  • “Plans such as 401(k)s and their ilk have been part of the retirement landscape for decades, and discussions of their pros and cons relative to traditional pensions go back even further. Now researchers have gone from the theoretical to the concrete and examined exactly how employees respond when their traditional pension plan is replaced.” Faculty Affiliate Olivia Mitchell contributes. 

  • “Research suggests that public employees who have their pension benefits reduced will not likely improve savings behaviors to make up for it. Researchers explored employee behavior when the state of Utah moved away from its traditional defined benefit pension plan and offered new hires a choice between a defined contribution (DC) plan and a hybrid plan.” Faculty Affiliate Olivia Mitchell is quoted. 

  • Faculty Affiliate Olivia Mitchell is interviewed by Pensions & Investments to discuss the complexity of adding annuities to defined contribution plans. 
  • On a panel at the Pensions & Investments’ Global Future of Retirement conference, Faculty Affiliate Olivia Mitchell noted that the environment for incorporating annuities into defined contribution plans remains uncertain.

Publications

Huffman, David. Maurer, Raimond. Mitchell, Olivia (2017). Time discounting and economic decision-making in the older population, The Journal of the Economics of Ageing, In Press.

Lusardi, Annamaria, Pierre-Carl Michaud, and Olivia S. Mitchell (2016). Optimal Financial Literacy and Wealth Inequality, Journal of Political Economy.

Maurer, Raymond, Olivia S. Mitchell, Ralph Rogalla, and Ivonne Siegelin (2016). Accounting-based Asset Return Smoothing in Participating Life Annuities: Implications for Annuitants, Insurers, and Policymakers, Insurance Mathematics and Economics.

Clark, Robert L., Annamaria Lusardi, and Olivia S. Mitchell (2016). Financial Literacy and Retirement Plan Behavior: A Case Study, Economic Inquiry.

Maurer, Raimond, Maurer, Olivia S. Mitchell, Ralph Rogalla, and Ivonne Siegelin (2016). Accounting-based Asset Return Smoothing in Participating Life Annuities: Implications for Annuitants, Insurers, and Policymakers, In Retirement System Risk Management: Implications of the New Regulatory Order, Oxford University Press, 56-73.

Maurer, Raymond, Olivia S. Mitchell, Ralph Rogalla, and Tatjana Schimetschek (2016).

Will They Take the Money and Work? An Empirical Analysis of People’s Willingness to Delay Claiming Social Security Benefits for a Lump Sum, Journal of Risk and Insurance.

Kim, Hugh Hoikwang, Raimond Maurer, and Olivia S. Mitchell (2016). Time is Money: Rational Life Cycle Inertia and the Delegation of Investment Management, Journal of Financial Economics, 121(2), 231-448.

Dimmock, Stephen G., Roy Kouwenberg, Olivia S. Mitchell and Kim Peijnenburg (2016). Ambiguity Attitudes and Economic Behavior: Results from a US Household Survey, Journal of Financial Economics, 119(3), 559–577.

Mitchell, Olivia S. and Raimond Maurer (2015). Recreating Retirement Sustainability, In Recreating Sustainable Retirement: Resilience, Solvency, and Tail Risk, Oxford University Press, 1-8.

Hubener, Andreas, Raimond Maurer, and Olivia S. Mitchell (2015). How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios, Review of Financial Studies, 29(1): 937-978.

Dimmock, Stephen G., Roy Kouwenberg, Olivia S. Mitchell and Kim Peijnenburg (2015). Estimating Ambiguity Preferences and Perceptions in Multiple Prior Models: Evidence from the Field, Journal of Risk and Uncertainty, 51(3), 219-244.

Lusardi, Annamaria and Olivia S. Mitchell (2015). Financial Literacy and Economic Outcomes: Evidence and Policy Implications, Journal of Retirement Economics. 3(1): 107-114.

Lusardi, Annamaria and Olivia S. Mitchell. (2014). The Economic Importance of Financial Literacy: Theory and Evidence, Journal of Economic Literature, 52(1): 5-44.

Clark, Robert L. and Olivia S. Mitchell (2014). How Does Retiree Health Insurance Influence Public Sector Employee Saving?, Journal of Health Economics, 38, 109–118.

Lusardi, Annamaria, Olivia S. Mitchell, and Vilsa Curto (2013). Financial Literacy and Financial Sophistication among Older Americans, Journal of Pension Economics and Finance, 13, 347-366.

Maurer, Raimond, Olivia S. Mitchell, Ralph Rogalla, and Vasily Kartashov (2013). Lifecycle Portfolio Choice with Stochastic and Systematic Longevity Risk, and Variable Investment-Linked Deferred Annuities, Journal of Risk and Insurance, 80(3), 649–676.

Featured Content

Reimagining Pensions: The Next 40 Years

Edited by Olivia S. Mitchell and Richard C. Shea

Oxford University Press, Dec 16, 2015

The 1964 termination of the Studebaker Corporation’s pension plan wiped out or significantly reduced the pensions of thousands of the automaker’s employees and retirees. In response, the US Congress passed the 1974 Employee Retirement Income Security Act (ERISA), a monumental and revolutionary piece of legislation crafted to address corporate pension underfunding. Despite the bill’s far-ranging scope, in the decades since its passage, it has become evident that ERISA failed to achieve many of its intended objectives. The corporate pension scene today is in turmoil, and most private employers have terminated or frozen their traditional DB plans. In their place, employers are increasingly substituting defined contribution (DC) retirement saving plans, which pose a new set of responsibilities on employees and their firms. This volume investigates how and why traditional approaches to pension risk management have failed, and the new mechanisms required to strengthen retirement security for the future.

PENN WHARTON PPI
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  • <h3>MapStats</h3><p> A feature of FedStats, MapStats allows users to search for <strong>state, county, city, congressional district, or Federal judicial district data</strong> (demographic, economic, and geographic).</p><p> Quick link: <a href="http://www.fedstats.gov/mapstats/" target="_blank">http://www.fedstats.gov/mapstats/</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
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  • <h3>Federal Aviation Administration: Accident & Incident Data</h3><p><img width="100" height="100" alt="" src="/live/image/gid/4/width/100/height/100/80_faa-logo.rev.1402681347.jpg" class="lw_image lw_image80 lw_align_left" srcset="/live/image/scale/2x/gid/4/width/100/height/100/80_faa-logo.rev.1402681347.jpg 2x, /live/image/scale/3x/gid/4/width/100/height/100/80_faa-logo.rev.1402681347.jpg 3x" data-max-w="550" data-max-h="550"/>The NTSB issues an accident report following each investigation. These reports are available online for reports issued since 1996, with older reports coming online soon. The reports listing is sortable by the event date, report date, city, and state.</p><p> Quick link: <a href="http://www.faa.gov/data_research/accident_incident/" target="_blank">http://www.faa.gov/data_research/accident_incident/</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>HUD State of the Cities Data Systems</h3><p><strong><img width="200" height="200" alt="" src="/live/image/gid/4/width/200/height/200/482_hud_logo.rev.1407788472.jpg" class="lw_image lw_image482 lw_align_left" srcset="/live/image/scale/2x/gid/4/width/200/height/200/482_hud_logo.rev.1407788472.jpg 2x, /live/image/scale/3x/gid/4/width/200/height/200/482_hud_logo.rev.1407788472.jpg 3x" data-max-w="612" data-max-h="613"/>The SOCDS provides data for individual Metropolitan Areas, Central Cities, and Suburbs.</strong> It is a portal for non-national data made available through a number of outside institutions (e.g. Census, BLS, FBI and others).</p><p> Quick link: <a href="http://www.huduser.org/portal/datasets/socds.html" target="_blank">http://www.huduser.org/portal/datasets/socds.html</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>NOAA National Climatic Data Center</h3><p><img width="200" height="198" alt="" src="/live/image/gid/4/width/200/height/198/483_noaa_logo.rev.1407788692.jpg" class="lw_image lw_image483 lw_align_left" srcset="/live/image/scale/2x/gid/4/width/200/height/198/483_noaa_logo.rev.1407788692.jpg 2x, /live/image/scale/3x/gid/4/width/200/height/198/483_noaa_logo.rev.1407788692.jpg 3x" data-max-w="954" data-max-h="945"/>NOAA’s National Climatic Data Center (NCDC) is responsible for preserving, monitoring, assessing, and providing public access to the Nation’s treasure of <strong>climate and historical weather data and information</strong>.</p><p> Quick link to home page: <a href="http://www.ncdc.noaa.gov/" target="_blank">http://www.ncdc.noaa.gov/</a></p><p> Quick link to NCDC’s climate and weather datasets, products, and various web pages and resources: <a href="http://www.ncdc.noaa.gov/data-access/quick-links" target="_blank">http://www.ncdc.noaa.gov/data-access/quick-links</a></p><p> Quick link to Text & Map Search: <a href="http://www.ncdc.noaa.gov/cdo-web/" target="_blank">http://www.ncdc.noaa.gov/cdo-web/</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>National Bureau of Economic Research (Public Use Data Archive)</h3><p><img width="180" height="43" alt="" src="/live/image/gid/4/width/180/height/43/478_nber.rev.1407530465.jpg" class="lw_image lw_image478 lw_align_right" data-max-w="329" data-max-h="79"/>Founded in 1920, the <strong>National Bureau of Economic Research</strong> is a private, nonprofit, nonpartisan research organization dedicated to promoting a greater understanding of how the economy works. The NBER is committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community.</p><p> Quick Link to <strong>Public Use Data Archive</strong>: <a href="http://www.nber.org/data/" target="_blank">http://www.nber.org/data/</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>Congressional Budget Office</h3><p><img width="180" height="180" alt="" src="/live/image/gid/4/width/180/height/180/380_cbo-logo.rev.1406822035.jpg" class="lw_image lw_image380 lw_align_right" data-max-w="180" data-max-h="180"/>Since its founding in 1974, the Congressional Budget Office (CBO) has produced independent analyses of budgetary and economic issues to support the Congressional budget process.</p><p> The agency is strictly nonpartisan and conducts objective, impartial analysis, which is evident in each of the dozens of reports and hundreds of cost estimates that its economists and policy analysts produce each year. CBO does not make policy recommendations, and each report and cost estimate discloses the agency’s assumptions and methodologies. <strong>CBO provides budgetary and economic information in a variety of ways and at various points in the legislative process.</strong> Products include baseline budget projections and economic forecasts, analysis of the President’s budget, cost estimates, analysis of federal mandates, working papers, and more.</p><p> Quick link to Products page: <a href="http://www.cbo.gov/about/our-products" target="_blank">http://www.cbo.gov/about/our-products</a></p><p> Quick link to Topics: <a href="http://www.cbo.gov/topics" target="_blank">http://www.cbo.gov/topics</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>Federal Reserve Economic Data (FRED®)</h3><p><strong><img width="180" height="79" alt="" src="/live/image/gid/4/width/180/height/79/481_fred-logo.rev.1407788243.jpg" class="lw_image lw_image481 lw_align_right" data-max-w="222" data-max-h="97"/>An online database consisting of more than 72,000 economic data time series from 54 national, international, public, and private sources.</strong> FRED®, created and maintained by Research Department at the Federal Reserve Bank of St. Louis, goes far beyond simply providing data: It combines data with a powerful mix of tools that help the user understand, interact with, display, and disseminate the data.</p><p> Quick link to data page: <a href="http://research.stlouisfed.org/fred2/tags/series" target="_blank">http://research.stlouisfed.org/fred2/tags/series</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>The World Bank Data (U.S.)</h3><p><img width="130" height="118" alt="" src="/live/image/gid/4/width/130/height/118/484_world-bank-logo.rev.1407788945.jpg" class="lw_image lw_image484 lw_align_left" srcset="/live/image/scale/2x/gid/4/width/130/height/118/484_world-bank-logo.rev.1407788945.jpg 2x, /live/image/scale/3x/gid/4/width/130/height/118/484_world-bank-logo.rev.1407788945.jpg 3x" data-max-w="1406" data-max-h="1275"/>The <strong>World Bank</strong> provides World Development Indicators, Surveys, and data on Finances and Climate Change.</p><p> Quick link: <a href="http://data.worldbank.org/country/united-states" target="_blank">http://data.worldbank.org/country/united-states</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>Internal Revenue Service: Tax Statistics</h3><p><img width="155" height="200" alt="" src="/live/image/gid/4/width/155/height/200/486_irs_logo.rev.1407789424.jpg" class="lw_image lw_image486 lw_align_left" srcset="/live/image/scale/2x/gid/4/width/155/height/200/486_irs_logo.rev.1407789424.jpg 2x" data-max-w="463" data-max-h="596"/>Find statistics on business tax, individual tax, charitable and exempt organizations, IRS operations and budget, and income (SOI), as well as statistics by form, products, publications, papers, and other IRS data.</p><p> Quick link to <strong>Tax Statistics, where you will find a wide range of tables, articles, and data</strong> that describe and measure elements of the U.S. tax system: <a href="http://www.irs.gov/uac/Tax-Stats-2" target="_blank">http://www.irs.gov/uac/Tax-Stats-2</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>
  • <h3>National Center for Education Statistics</h3><p><strong><img width="400" height="80" alt="" src="/live/image/gid/4/width/400/height/80/479_nces.rev.1407787656.jpg" class="lw_image lw_image479 lw_align_right" data-max-w="400" data-max-h="80"/>The National Center for Education Statistics (NCES) is the primary federal entity for collecting and analyzing data related to education in the U.S. and other nations.</strong> NCES is located within the U.S. Department of Education and the Institute of Education Sciences. NCES has an extensive Statistical Standards Program that consults and advises on methodological and statistical aspects involved in the design, collection, and analysis of data collections in the Center. To learn more about the NCES, <a href="http://nces.ed.gov/about/" target="_blank">click here</a>.</p><p> Quick link to NCES Data Tools: <a href="http://nces.ed.gov/datatools/index.asp?DataToolSectionID=4" target="_blank">http://nces.ed.gov/datatools/index.asp?DataToolSectionID=4</a></p><p> Quick link to Quick Tables and Figures: <a href="http://nces.ed.gov/quicktables/" target="_blank">http://nces.ed.gov/quicktables/</a></p><p> Quick link to NCES Fast Facts (Note: The primary purpose of the Fast Facts website is to provide users with concise information on a range of educational issues, from early childhood to adult learning.): <a href="http://nces.ed.gov/fastfacts/" target="_blank">http://nces.ed.gov/fastfacts/#</a></p><p>See all <a href="/data-resources/">data and resources</a> »</p>