Economic Recessions and Congressional Preferences for Redistribution
Author | : Maria Carreri |
Publisher | : |
Total Pages | : 29 |
Release | : 2019 |
ISBN-10 | : OCLC:1304314399 |
ISBN-13 | : |
Rating | : 4/5 ( Downloads) |
Download or read book Economic Recessions and Congressional Preferences for Redistribution written by Maria Carreri and published by . This book was released on 2019 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the roots of politicians' preferences for redistribution by exploring whether early life experiences have persistent, long-run effects on U.S. Members of Congress' voting records. We study whether having experienced an economic recession during early adulthood affected their positions on redistribution-specific bills during the period 1957-2014. We find that politicians who experienced a recession hold more conservative positions on redistribution, even compared to members of the same party in the same legislature. We rule out alternative accounts and show that experiencing a recession directly affects future politicians' personal preferences. In light of recent empirical evidence showing that voters become more supportive of redistribution following a recession, our findings suggest that macroeconomic shocks have a polarizing effect: recessions can create an ideological wedge between voters and their future representatives. We present two pieces of evidence suggesting that this wedge can be explained by politicians' privileged background.