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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
The retirement crisis facing America-and the road map for a way out-from The New York Times bestselling author of Origins of the Crash
In the last several decades, corporations and local governments made ruinous pension and healthcare promises to American workers. With these now coming due, they threaten to destroy twenty-first- century America's hopes for a comfortable re...more
In the last several decades, corporations and local governments made ruinous pension and healthcare promises to American workers. With these now coming due, they threaten to destroy twenty-first- century America's hopes for a comfortable re...more
Paperback, 288 pages
Published
April 28th 2009
by Penguin (Non-Classics)
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Who would have thought that pensions could be interesting? That accouting and actuarial science could take on the character of creative writing? Well they can and do.
Pensions first started to appear in the late 19th century for workers in especially dangerous professions, and slightly later as a perk for white collar and civil service workers. They really took off after Walter Reuther, the head of the United Auto Workers in the middle of the 20th century, got them into the union's contract
...more
This is a highly readable book about an important public policy issue that affects us all. The author explains how pensions became prevalent during and after World War II in response to wage freezes and tax policy as a way to compensate and retain highly skilled employees. Employers did not offer pensions as a matter of corporate beneficence, but rather because it was in their best interests to do so. The central defect with pensions, however, is that it is almost impossible to accurately predic...more
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
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
A good overview of the problems of pensions. I don't necessarily agree with many of the author's conclusion - he advocates universal healthcare, additional government subsidies for retirement and can't seem to accept the idea that people can/should be responsible for their own retirement. Nor does he seem to grasp the disadvantage of pensions and social security for people who die young and don't get anything to pass on.
Still, it gives a good overview of why pensions have exploded...more
Still, it gives a good overview of why pensions have exploded...more
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
This book details the US pension system. Specifically it tells the story of pension plans at General Motors, the New York City Subway System and the City of San Diego. After reading this it is pretty easy to see why GM is in such poor financial shape. The pension mess at these three places is the result of years of shortsighted decisions and inadequate planning. GM for example, promised its workers full pensions starting at age 55.
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.
A disturbing expose on corporate, city and municipal pension programs. The book explains how generations of management and politicians have made uneconomic future promises to employees and used shoddy accounting to hide the magnitude of the liability.
The recent fall in interest rates makes it all the more difficult to honor these commitments. The story of how we got here makes a fascinating albeit sad story whose ending unfortunately looks to be tragic.
The recent fall in interest rates makes it all the more difficult to honor these commitments. The story of how we got here makes a fascinating albeit sad story whose ending unfortunately looks to be tragic.
This book does a very good job on the genesis of and the resultant problems from the pension system which many companies and governments in this country maintained. The bottom line is that none of the three pension sponsors (and by extension, probably most pension sponsors) understood or cared to understand the ramifications of their promises.
I agree with one review of the book which said that Lowenstein's diagnosis of the problems are spot on. However, his proposed solution seem...more
I agree with one review of the book which said that Lowenstein's diagnosis of the problems are spot on. However, his proposed solution seem...more
While America Aged tells what is now a familiar story: that pensions are grossly underfunded and little is being done to address the problem. In the end, it seems to come down to governments and businesses being unwilling to pay today for something they can (hopefully) put off until tomorrow.
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.
This was a really interesting case study in pensions and how they can be used as financial weapons of mass destruction.
Lowenstein covers 3 pension plans: GM's, the new york subway system, and the City of San Diego. All had boom times, weak leadership, strong unions, and a lack of understanding of big picture finances.
All 3 cases were fascinating in their own way. The people were very believable. He laid out flaws, but also personal strengths, and the full myriad of factors that...more
Lowenstein covers 3 pension plans: GM's, the new york subway system, and the City of San Diego. All had boom times, weak leadership, strong unions, and a lack of understanding of big picture finances.
All 3 cases were fascinating in their own way. The people were very believable. He laid out flaws, but also personal strengths, and the full myriad of factors that...more
Excellent - good look at the pressures that cause pensions to rise.
Good description of the coming pension crisis.
It's a well written and readable account of three stories where pensions went wrong. The three examples aren't really tied together, but each situation is powerful enough on it's own. The topics are clearly well researched, and the author's writing style makes this a smooth read.
eye-opener
Josh recommends.
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!
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.
Great overview of how GM's pensions killed its ability to compete with the likes of Toyota and Honda.
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...
Dry as a bag of chips in the desert. As usual Lowenstein goes into excruciating detail. But really interesting, if you're into labor relations and pension plans.
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.
Short summary I posted - Interesting beyond the story of GM that initially attracted me to it.
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Interesting but too heavy for my mood right now...will get back to it.
This book is pretty dry, but dry like a ton of bricks hitting you.
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Roger Lowenstein has reported for the Wall Street Journal for more than a decade and is a frequent contributor to The New York Times and The New Republic. He is the author of Buffet: the Making of an American Capitalist
-HarperCollins
More about Roger Lowenstein...
-HarperCollins
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