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

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Synopsis

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 retirement. With his trademark narrative panache, bestselling author Roger Lowenstein analyzes three fascinating case studies-General Motors, the New York City subway system, and the city of San Diego-each an object lesson and a compelling historical saga that illuminates how the pension crisis developed. Cumulative retirement deficits are approaching $1 trillion, and Lowenstein warns that these are only the first. Retirement pensions will continue to be a critical issue as the country ages, and While America Aged is the urgent call to action and prescription for reform.
 

About Roger Lowenstein

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Roger Lowenstein, author of four books, reported for The Wall Street Journal for more than a decade and wrote the Journal's stock market column “Heard on the Street” from 1989 to 1991 and the “Intrinsic Value” column from 1995 to 1997. He is now a columnist for Bloomberg and he also writes for The New York Times Magazine and other publications. He has three children and lives in Newton, Massachusetts.
 
Published May 1, 2008 by Penguin Books. 300 pages
Genres: Business & Economics, Professional & Technical, Law & Philosophy. Non-fiction

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Some form of paid national healthcare is inevitable for the future, says Lowenstein: “Business is global, and U.S. companies compete against foreign-based firms whose home-countries do pick up the tab.” Fixing pensions, he notes, will be even tougher, but at minimum Congress needs to regulate 401...

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The New York Times

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Over time, the Transport Workers Union won subway workers benefits so generous they could retire by age 55.

May 04 2008 | Read Full Review of While America Aged: How Pensi...

Bookmarks Magazine

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 s...

May 04 2008 | Read Full Review of While America Aged: How Pensi...

Seeking Alpha

He laments (as if it were necessary) the lack of any alternative “grand new theory” and finds that the debate has resulted in a “muddle.” Fox concludes, “If you do come up with an idea for beating the market, you need a model that explains why everybody else isn’t already doing the same thing.” N...

Jun 08 2009 | Read Full Review of While America Aged: How Pensi...

Seeking Alpha

As long as the system is being reformed and taxpayers are taking a double hit (paying for existing retirees and funding their own retirement), perhaps more consideration should be made regarding why taxpayers should not own their own accounts rather than leaving it up to future governments to rai...

Apr 23 2009 | Read Full Review of While America Aged: How Pensi...

Ford Literary Blog

Lowenstein also discusses two other cases, transport workers in New York City, whose union led a strike in 2005 that brought the city to a standstill, and the pension crisis in San Diego, sparked by city officials who doled out benefits to city workers but declined to impose higher taxes.

Feb 23 2009 | Read Full Review of While America Aged: How Pensi...

truthdig

A film on the LeCarré world of spies - and please note he stays closer to the facts than did Ian Fleming, despite their careers in intelligence - such a film may require more patience than someone who suffers ADD (without karate chops) can muster.

Dec 09 2011 | Read Full Review of While America Aged: How Pensi...

truthdig

And men, all men, need to be aware of how they benefit from misogyny because this forces them to make choices about how they act toward women on a regular basis.

Aug 19 2013 | Read Full Review of While America Aged: How Pensi...

truthdig

According to a March Washington Post/ABC News poll, 65 percent of Republicans called themselves conservative, just 27 percent were moderates and 7 percent were liberals.

Apr 07 2013 | Read Full Review of While America Aged: How Pensi...

truthdig

What the administration has not revealed is what corporations will own, hide and profit from in terms of discoveries made by the project at public expense, and what new means for monitoring and policing the public it may help devise.

Feb 19 2013 | Read Full Review of While America Aged: How Pensi...

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