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While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego, and Loom as the Next Financial Crisis
by: Roger Lowenstein

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Binding: Hardcover
Dewey Decimal Number: 331.25240973
EAN: 9781594201677
ISBN: 1594201676
Label: Penguin Press HC, The
Manufacturer: Penguin Press HC, The
Number Of Items: 1
Number Of Pages: 288
Publication Date: May 01, 2008
Publisher: Penguin Press HC, The
Sales Rank: 8606
Studio: Penguin Press HC, The

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Product Description:
From the bestselling author of Buffett, When Genius Failed, and Origins of the Crash, a wake-up call to the pension and retirement crisis facing America and the road map for a way out

In While America Aged, bestselling author Roger Lowenstein explains how corporations and governments ran up ruinous pension and health-care promises to workers—promises that are now coming due and that will hit America like a tsunami if nothing is done.

Negotiating high benefits means gambling with future finances—and when the farm gets sold out from underneath major corporations or public institutions, it affects all of us, and in ways we might not imagine. With his trademark narrative panache, Lowenstein unravels the truth about how pensions work in America and illuminates the impending crisis. While America Aged is comprised of three fascinating case studies— each an object lesson and a compelling historical saga. The first goes back to the early days of the United Auto Workers and its crusading leader, Walter Reuther, to tell the story of how pensions and health-care obligations destroyed the American auto industry, in particular General Motors.

Lowenstein then shifts the scene to New York City to tell the story of the rise of public pensions and public sector unions through the vehicle of the Communist-led Transport Workers Union. Once again, justifiable benefits were followed by outrageous ones, such as the right to retire at age fifty. The saga reached a dramatic climax in 2005, when workers responded to proposed pension cutbacks with a massive strike that brought New York’s subways and buses to a screeching halt days before Christmas.

In the concluding episode, Lowenstein visits a metropolis even more reckless in doling out benefits—San Diego. Desperate not to impose higher taxes, city officials in this highly conservative enclave cut a series of deals with unions to short-change the retirement system and use pension funds to run the city. A massive scandal ensued—two mayors resigned, officials were indicted, and San Diego lost its bond rating. Lowenstein warns that the pension wars that erupted in Detroit, New York City, and San Diego are only the first. But he also recognizes that workers are entitled to decent security in their retirement—a critical problem as the country ages. While America Aged explains how we came to this crisis, and it also proposes a way out. Arming readers with knowledge of the consequences of doing nothing, While America Aged, first and foremost, a call to action.

Customer Reviews

Average Rating: out of 5 stars

Rating:

- Interesting Problem, Poor Solutions
Very interesting and informative book, enjoyed it immensely. However I part company with the author when it comes to solutions. His only idea seems to be tax increases so the public can pay for the rapacious antics of the public sector unions in particular or so the government can bail out the private sector companys that have caved into unions. And heaven forbid that people actually be allowed to control their own retirement funds and investements, the nanny state uber alles.

Rating:

- Price
This is a rediculous price for a Kindle edition that costs the publisher next to nothing (after the initial conversion to the Kindle format) and that I can't share or sell.

Rating:

- Terrific Book!
This is a fantastic read! The book discusses the plight our society faces when the bill comes due on pensions and health benefits for many corporations, city and state governments. It prompted me to look at the state of Nevada pension plan for teachers. The plan is grossly underfunded and guess who gets to pay for these benefits when the plan runs out of money. Me, the taxpayer. As of June 30, 2003, Nevada PERS assets had a market value of $14 billion, but actuarial liabilities of $19.5 billion. 5.5 billion in the hole. The book also woke me up to looking at the balance sheet of a company when considering to invest. For example, I would not invest in GM since the majority of their profits go to pay for the pension and health care plans. As a potential stockholder there would be little money left to distribute to me. The book provides the example .."by the late '90s GM was facing the demographic nightmare.." in ... Read More

Rating:

- Excellent Book-Really drills home pressures on public plans and collectively bargained plans
I enjoyed reading this book and it gave me an better understanding on how public and union plans can succumb to the pressures to increase benefits now without having to pay for them until later. Gives a good historical perspective of what was going on at GM, in NYC, and San Diego when their pension plans developed their problems.

One thing that is never explicitly stated is that all these governments and unions that crippled their finances by promising generous postretirement medical benefits must be praying for the enactment of universal health care to bail them out of paying for their promised benefits.

I had to take a star off for the final chapter on what should be done going forward. I suppose after an excellent history lesson, Mr. Lowenstein felt the need to tie his three vignettes together, generalize the lessons here to the state of all US pension plans, and come up with a set of ... Read More

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