While America Aged

While America Aged

How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego, and Loom as the Next Financial Crisis

Book - 2008
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While 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.

Publisher: New York : Penguin Press, 2008.
ISBN: 9781594201677
Branch Call Number: 331.25240973 L917
Characteristics: 274 p.

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gcsparrow
Dec 11, 2016

I loved this book. I am sure that there is a lot of greed in corporations, the main thrust of Retirement Heist, but I think what Lowenstein said is true and very enlightening.

s
StarGladiator
Dec 23, 2013

This book of drivel is utterly misleading and a complete waste of time: instead, read the (investigative reporter) Ellen Schultz book, "Retirement Heist" for some honest reportage on what is really occurring.

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