Assessing the Economic Impact Payment in the Older Population

The COVID-19 pandemic is the greatest threat to the health and well-being of the older
population in at least a century. The economic consequences of public health policies to mitigate
that threat are also of serious concern. This project proposes to study one part of the policy
response. We will use data collected by the Health and Retirement Study in its 2020 wave to
study awareness and impact of the Economic Impact Payment (EIP) stimulus on different groups
of older Americans during the coronavirus pandemic. The EIP was authorized as part of the
Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in late March 2020. It
provides for a direct stimulus payment to individuals, similar to stimulus programs in previous
economic downturns in 2001 and 2008. The great advantage to studying the impact of the EIP in
HRS is the volume of other information that can be used to understand differentials in eligibility,
awareness, and disposition. From the 2020 survey we will know about the impact of COVID-19
on work and health, as well as the usual measures of income and wealth.