White, non-college-educated Americans born in the 1960s face shorter life expectancies, higher medical expenses, and lower wages per unit of human capital compared with those born in the 1940s; men’s wages declined more than women’s. After documenting these changes, we use a life-cycle model of couples and singles to evaluate their effects. The drop in wages depressed the labor supply of men and increased that of women, especially in married couples. Their shorter life expectancy reduced their retirement savings, but the increase in out-of-pocket medical expenses increased savings by more. Welfare losses, measured as a onetime asset compensation, are 12.5%, 8%, and 7.2% of the present discounted value of earnings for single men, couples, and single women, respectively. Lower wages explain 47%–58% of these losses, shorter life expectancies 25%–34%, and higher medical expenses account for the rest.

中文翻译：

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失去的人：1960 年代出生的非大学教育白人的机会和结果

与 1940 年代出生的白人相比，1960 年代出生的未受过大学教育的白人美国人的预期寿命更短、医疗费用更高、单位人力资本工资更低；男性的工资下降幅度大于女性。在记录这些变化之后，我们使用夫妻和单身的生命周期模型来评估它们的影响。工资下降抑制了男性的劳动力供给，增加了女性的劳动力供给，尤其是在已婚夫妇中。他们较短的预期寿命减少了他们的退休储蓄，但自付费用的增加使储蓄增加了更多。以一次性资产补偿衡量的福利损失分别为单身男性、夫妻和单身女性当前收入折现值的 12.5%、8% 和 7.2%。较低的工资解释了这些损失的 47%–58%，较短的预期寿命 25%–34%，