While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego, and Loom as the Next Financial CrisisWhile America Aged illuminates the scope of the problem we’re facing, and warns that the worst is yet to come. With the narrative flair and talent for decoding financial ambiguities that readers have come to rely on, Lowenstein brilliantly chronicles three fascinating pension cases: the collapse of the over-obligated General Motors, the pension strike that halted New York City’s subways and effectively shut down the city, and the scandalous bankrupting of the affluent corner of Southern California, the city of San Diego. Not only compelling historical sagas rich with detail and unforgettable characters, each story also acts as an object lesson. Lowenstein warns that these pension wars are only the beginning of the retirement and healthcare crisis we will face if we don’t find ways to address this latest moral hazard. Governments and corporations across the country used pensions as a seemingly easy way to curry favor with unions (easy because the expense would be deferred until a later generation). But now, with cumulative retirement deficits approaching $1 trillion, the day of reckoning has arrived. Is there a way out? Lowenstein recognizes that fixing pensions will be difficult but securing retirement is a critical issue—especially in our rapidly aging country—and he proposes a cogent solution to the impending crisis. Masterfully written and convincingly argued, While America Aged is a timely and crucial wake-up call to a pension damaged America. |
Other editions - View all
While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC ... Roger Lowenstein No preview available - 2009 |
While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC ... Roger Lowenstein No preview available - 2009 |
Common terms and phrases
actuary Aguirre American attorney author interview auto autoworkers bankruptcy began bill Blum budget cars Chrysler city council City Hall city manager city's companies Conger contract contributions corporate costs crisis Dellaverson Delphi Detroit Donna Frye early elected ERISA executive federal Feinstein fiscal Ford Freeman Frye future GM's governor hike Ibid increase industry Kalikow Labor Relations legislature Lexin mayor McGrory ment Mike Quill Miller million Motors MTA's Murphy negotiations offer Pataki PBGC pension and health pension benefits pension fund pension plan pension system percent police political president Private Pensions proposed public employees raise Ravitch retirement system Rick Wagoner Roeder Roger Toussaint Saathoff salary San Diego Union-Tribune SDCERS SDCERS's Shipione sion Sloan Social Security stock market strike subway taxes tion Toussaint transit workers Treaty of Detroit trustees underfunding union Vinson & Elkins vote wages Wagoner Walter Reuther York City