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
book data
36 ratings,
3.75
average rating, 13 reviews
(more data...)
edit
published
May 1st 2008
by Penguin Press HC, The
binding
Hardcover, 288 pages
isbn
1594201676
(isbn13: 9781594201677)
description
A Bestselling Author Explains, Via Three Fascinating Stories, How An Upcoming Pension Crisis Threatens to Upset the American Economy.
With his tradem
...more
Sign in to Goodreads to see your friends' reviews of this book.
| topics | posts | views | last activity | |
|---|---|---|---|---|
| 75 Books 2009: Maphead's "Twilight Free" 75 for 2009 | 3 | 13 | 2 days ago, 04:09AM |
friend reviews
To see what your friends thought of this book, please sign up.
This book is currently not featured on any Listopia lists.
Add this book to your favorite list »
other reviews (showing 1-20 of 77)
All ratings
|
5 stars (6)
|
4 stars (18)
|
3 stars (9)
|
2 stars (3)
|
1 star (0)
|
avg 3.75
editions: all | this edition
editions: all | this edition
Read in December, 2008
This book will scare you. It's a real eye-opener about the under funding of pensions at every level of government:city, county, and country with social security. In the private sector it's one thing if they fail. There is private pension insurance for bigger companies if they fail. The government workers (police,firemen, techers, ect.) promises are FOREVER. There is no legal way out. Illinois is $35 BILLION underfunded.
I'm not opposed to public pensions but they need to be funded as the b...more
I'm not opposed to public pensions but they need to be funded as the b...more
Like this review?
yes
add a comment
An excellent and chilling account of the impact of Pensions on blue-chips (detailed case study of GM), as well as municipalities - with a focus on NY and the San Diego fiasco. Lowenstein has a true talent for digging and explaining detailed and complex financial issues in layman terms. An eye opener and an excellent overview of the high social price levied by unbounded pension growth without strong fiscal fund management.
Lowenstein also casts doubt on the future of Healthcare plans,...more
Lowenstein also casts doubt on the future of Healthcare plans,...more
Like this review?
yes
add a comment
Read in January, 2009
I started to read this book because of its dive into GM having recently left Michigan and all the turmoil going on there. I am amazed at how every facet of public life: companies, cities, counties, and countries so quickly and easliy sell our children's futures by getting into bed with unions and their greediness. I wish everyone could live by the standard that you should earn your keep and be worth what you earn. Seems like so many people want to get paid more and do less. It doesn't matter...more
Like this review?
yes
add a comment
Read in June, 2009
A terrifying book for those who plan to retire at some point. Basically it has three case studies of organizations that fucked up their pension planning. For some reason it's a bad idea to forgo funding pension plans and hope that it will be easier later. He doesn't do a great job of bringing all three stories together to some conclusion but the stories themselves are well researched and interesting.
Like this review?
yes
add a comment
Read in January, 2009
I certainly learned something from it, although the author gets a little hysterical at times and the book feels rushed. A bit more subtlety and historical perspective would have helped.
Like this review?
yes
add a comment
Read in August, 2008
Excellent book on how concessions on pension benefits led to huge financial problems for bog companies like GM, as well as governmental employers. The attitude was, the future be damned, lets just focus on the present. Some of the stories are almost unbelievable, with deals being cut with the Unions, were retirees were paid more than when they were active employees!
Like this review?
yes
add a comment
06/27/08
IreneandJohn
added it
Excellent overview of the history of the U.S. pension system. The parables illustrate how fatuous it is to expect a pension in this day and age. For the uninitiated, I would read this book and then follow it up with the Rich Dad series.
Like this review?
yes
add a comment
Read in December, 2008
Great overview of how GM's pensions killed its ability to compete with the likes of Toyota and Honda.
Like this review?
yes
add a comment
Read in March, 2009
Great and important topic - but I never made it past the GM section. It is just too boring and technical. I hope a better writer addresses this important subject so the masses can get their heads around it...
Like this review?
yes
add a comment
Read in August, 2008
Very informative - the book provides three narratives that illuminate the problems with today's pensions. The GM story is particularly poignant given the current economic climate.
Like this review?
yes
add a comment
Read in September, 2008
Short summary I posted - Interesting beyond the story of GM that initially attracted me to it.
Interesting but too heavy for my mood right now...will get back to it.
Like this review?
yes
add a comment
Read in April, 2009
This book is pretty dry, but dry like a ton of bricks hitting you.
Like this review?
yes
add a comment
None found
