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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 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.
300 pages, Kindle Edition
First published May 1, 2008
33 people are currently reading
1102 people want to read
About the author
Roger Lowenstein
40 books500 followersRoger Lowenstein is an American financial journalist and writer. He graduated from Cornell University and reported for The Wall Street Journal for more than a decade, including two years writing its Heard on the Street column, 1989 to 1991. Born in 1954, he is the son of Helen and Louis Lowenstein of Larchmont, New York. Lowenstein is married to Judith Slovin.
He is also a director of Sequoia Fund. In 2016, he joined the board of trustees of Lesley University. His father, the late Louis Lowenstein, was an attorney and Columbia University law professor who wrote books and articles critical of the American financial industry.
Roger Lowenstein's latest book, Ways and Means: Lincoln and His Cabinet and the Financing of the Civil War, was released on March 8, 2022, and won the 2022 Harold Holzer Lincoln Forum Book Prize.
He is also a director of Sequoia Fund. In 2016, he joined the board of trustees of Lesley University. His father, the late Louis Lowenstein, was an attorney and Columbia University law professor who wrote books and articles critical of the American financial industry.
Roger Lowenstein's latest book, Ways and Means: Lincoln and His Cabinet and the Financing of the Civil War, was released on March 8, 2022, and won the 2022 Harold Holzer Lincoln Forum Book Prize.
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Displaying 1 - 30 of 71 reviews
July 23, 2012
Whoa this books is scary. It gives an interesting alternative narrative for what was wrong with GM and how they ultimately would have had to declare bankruptcy in order to deal with their pension obligations:
Yes, GM management was decidedly not good during that time, but the staggering amount of money siphoned away to pensions really hamstrung them. The fact that the situation is much, much worse with city and state governments, and the fact most government pension obligations are impossible to discharge is terrifying.
Funding the pension also drained immense resources from what GM could invest in product design, which set back its efforts to build better cars. “They were absolutely related,” one executive confirmed. “Quality is expensive.” Pouring its funds into pensions, GM was late to invest in hybrid vehicles – one of its many foregone opportunities. In fact, GM invested so much in its pension fund in the mid 1990s that, with the same money, it could have acquired half of Toyota Motor Corp. (p. 60)
Yes, GM management was decidedly not good during that time, but the staggering amount of money siphoned away to pensions really hamstrung them. The fact that the situation is much, much worse with city and state governments, and the fact most government pension obligations are impossible to discharge is terrifying.
August 7, 2012
Outstanding research, scary, scary book. Lowenstein makes a very dry topic very readable, should be assigned reading for public policy managers, journalists who cover government, and, oh yes, politicians. Giving future benefits to avoid making hard decisions now isn't just a government phenomenon, though it's a practice that flourishes in Congress and legislatures throughout the county. Lowenstein blames GM as much as it's unions for the fiasco that toppled the company, and the San Diego story is just infuriating. It shows public employees at their worst, feathering their nests and putting the cost on taxpayers. AND, important, it shows what happens when elected officials are so slavishly focused on never increasing taxes or fees, for any reason under any circumstances, that they essentially conspire with the employees to defraud the public.
July 5, 2016
I understand that all books have a bias. But Roger Lowenstein goes way off center with this book. His hypothesis is that Labor Unions are the cause of all issues. Once he came to this conclusion he then did some research and wrote the book to prove ‘his’ point. For example, all of GM’s troubles were a result of the Labor Unions. The fact that for over 20 years in the 1970’s and 1980’s GM build poor quality, boring cars, which all looked the same seemed to have nothing to do with the issues. The book is full of flaws, misconceptions and statements based on innuendo and not fact. I strongly suggest NOT reading this book.
January 25, 2019
“It was a saga of greed, conspiracy, and political cowardice.”
“While America Aged” is a book that I would ask for a follow-up for in a heart beat. At the time of release (early 2008) the author alluded that the long awaited real estate correction was finally here, and Old GM/New GM were most likely an idea of the imagination to that point. To learn the underpinnings and some of the history behind corporate pension was an excellent way to begin the book, and how greed by all parties in the various stories (unions, political leaders, boards etc) always end at the cost of the average citizen.
“While America Aged” is a book that I would ask for a follow-up for in a heart beat. At the time of release (early 2008) the author alluded that the long awaited real estate correction was finally here, and Old GM/New GM were most likely an idea of the imagination to that point. To learn the underpinnings and some of the history behind corporate pension was an excellent way to begin the book, and how greed by all parties in the various stories (unions, political leaders, boards etc) always end at the cost of the average citizen.
January 13, 2025
This is a fascinating book and Lowenstein is truly a brilliant author. While this book was written almost 20 years ago (time flies), it is perhaps more relevant than ever, and will continue to do so.
Fundamentally, the problem of the pension system lies in the fact that it’s future liability and often can’t be estimated. Funding for the future does not serve today’s purpose - especially politicians (and to a lesser extent, business executives) who want to be the hero while doing as little sacrifice as possible (sounds like the history of Argentina). Because of this, it’s much easier for the incumbent to offer generous offerings since by the time pension needs to be paid out, the incumbent will be long gone. There’s almost no reason for the incumbent not to be the good guy and offer generous beyond comprehension kind of pension plans - the incumbent has nothing to lose.
Yet, one of my biggest takeaways from the book has nothing to do with pension at all - it has to do with human nature. It appears that humans do not question things that can’t go on forever, as long as it benefits them. For instance, the author has written extensively about the pension crisis in local governments (which I’d add, is still happening today as I’m writing this) and how people have sounded the alarm on how unsustainable it is for decades. Yet, the continuation of kicking the can down the road continued to work, and people dismissed it until it was too late. Or - consider the GM crisis. GM had intense disadvantage compared to their Japanese counterparts - generous pension system of GM means labor cost is immensely high for GM, because of that, they have less money for R&D resulting to evermore worse sells, and the negative loop continues - despite all of these, the tunnel vision of GM management as well as GM employees did not part their ways, until the doomsday occurs.
In Lowenstein‘s other book Buffett: The Making of an American Capitalist, Lowenstein has written about how Buffett has warned his partners on the danger of investing in large cities’ municipal bonds - and in this book, Lowenstein clearly shows why. The entire system of the pension benefits in large American cities is simply unsustainable - the pension beneficiaries are the voter, and as voters, they will always vote out people who don’t offer them generous pensions. But pension will always have to be paid by somebody, which results eventually in an increase of taxes, which will eventually result in businesses and people leaving the area, hollowing out the tax base (and the tax will eventually rise alongside with service cuts, resulting in more negative loops down the road).
What can’t continue forever will stop eventually. Yet, the short-term memory of people alongside the fact that the only thing we learned from history is that people don’t learn from history (both are Buffett quotes) means that new generations will be bound to repeat the same mistake again, and again.
(Sounds like a great abtradge opportunity though.)
Fundamentally, the problem of the pension system lies in the fact that it’s future liability and often can’t be estimated. Funding for the future does not serve today’s purpose - especially politicians (and to a lesser extent, business executives) who want to be the hero while doing as little sacrifice as possible (sounds like the history of Argentina). Because of this, it’s much easier for the incumbent to offer generous offerings since by the time pension needs to be paid out, the incumbent will be long gone. There’s almost no reason for the incumbent not to be the good guy and offer generous beyond comprehension kind of pension plans - the incumbent has nothing to lose.
Yet, one of my biggest takeaways from the book has nothing to do with pension at all - it has to do with human nature. It appears that humans do not question things that can’t go on forever, as long as it benefits them. For instance, the author has written extensively about the pension crisis in local governments (which I’d add, is still happening today as I’m writing this) and how people have sounded the alarm on how unsustainable it is for decades. Yet, the continuation of kicking the can down the road continued to work, and people dismissed it until it was too late. Or - consider the GM crisis. GM had intense disadvantage compared to their Japanese counterparts - generous pension system of GM means labor cost is immensely high for GM, because of that, they have less money for R&D resulting to evermore worse sells, and the negative loop continues - despite all of these, the tunnel vision of GM management as well as GM employees did not part their ways, until the doomsday occurs.
In Lowenstein‘s other book Buffett: The Making of an American Capitalist, Lowenstein has written about how Buffett has warned his partners on the danger of investing in large cities’ municipal bonds - and in this book, Lowenstein clearly shows why. The entire system of the pension benefits in large American cities is simply unsustainable - the pension beneficiaries are the voter, and as voters, they will always vote out people who don’t offer them generous pensions. But pension will always have to be paid by somebody, which results eventually in an increase of taxes, which will eventually result in businesses and people leaving the area, hollowing out the tax base (and the tax will eventually rise alongside with service cuts, resulting in more negative loops down the road).
What can’t continue forever will stop eventually. Yet, the short-term memory of people alongside the fact that the only thing we learned from history is that people don’t learn from history (both are Buffett quotes) means that new generations will be bound to repeat the same mistake again, and again.
(Sounds like a great abtradge opportunity though.)
June 21, 2009
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, and in particular, legacy benefit plans. The combined impact of pension benefits and legacy plans are ultimately the concern of every municipality, Governor, and in the end, the taxpayer and consumer. Similar to his treatment of the LTCM downfall - highly recommended.
Lowenstein also casts doubt on the future of Healthcare plans, and in particular, legacy benefit plans. The combined impact of pension benefits and legacy plans are ultimately the concern of every municipality, Governor, and in the end, the taxpayer and consumer. Similar to his treatment of the LTCM downfall - highly recommended.
February 27, 2015
There were some different causes for the pension crisis between the private and public sectors. But one common explanation is the human tendency to delay that which we find unpleasant. "Pensions are the perfect vehicle for procrastination." The benefits are among the most long-enduring promises that exist. It's easy to overpromise when keeping it will be someone else's obligation.
Roger Lowenstein tells the fascinating story via three case studies: of the United Auto Workers (UAW), the New York Transport Workers Union (TWU), and the San Diego city pensions. Lowenstein writes that the lesson from all three is "those who mortgage the future come to rue the day."
Roger Lowenstein tells the fascinating story via three case studies: of the United Auto Workers (UAW), the New York Transport Workers Union (TWU), and the San Diego city pensions. Lowenstein writes that the lesson from all three is "those who mortgage the future come to rue the day."
January 23, 2016
Garbage and biased. It blames the hard working people of these companies for asking for a fare share of the pie. It sounds just like paid advertisement. Don't waste your time! You can notice the biased words throughout the book.
August 16, 2009
Excellent - good look at the pressures that cause pensions to rise.
August 13, 2012
Read it to see how San Diego government crashed and burned and how it is still just ok.
December 11, 2010
Good description of the coming pension crisis.
July 6, 2018
In her seminal “Capitalizing on Crisis,” Greta Krippner probably explained it best: promises were made and delivered to the peoples of the western world after WWII that became increasingly difficult to keep, as post-war growth slowed down, leading to a series of crises of the state, perhaps culminating in The Great Financial Crisis. (And possibly not yet, if you ask me!)
While it took a financial crisis for us to acknowledge the overall crisis of the state, the demographic part of the problem was already a very popular topic of discussion around the turn of the millennium. Some, like Huntington, worried about the effects of changing demographics on society; many more about the effect on markets; others about the effect on private and public entitlements such as pensions.
So it’s no coincidence that, just as the crisis was about to erupt, two books by solid authors appeared in 2008 to discuss the aging of our society: George Magnus gave us “the Age of Aging” and legendary author of “How Genius Failed,” Roger Lowenstein, came out with “While America Aged.”
Very much unlike its author, Magnus’ work lacks “soul,” but it has hardly aged! Ten years later, it remains a tremendous reference.
In an important way, Lowenstein’s “While America Aged” decidedly has: GM hit the rocks (and the headlines) as far back as 2005 and washed itself clean of its past in the first half of Obama’s term. The travails of the Transport Workers Union in New York and the accounting shenanigans in San Diego are no longer news either. The Wikipedia entry for the TWU has not really been updated since 2006 as far as I can tell.
In short, “While America Aged” is compelling journalism and makes for some very interesting reading, but is never going to be a reference on pensions, on aging or on labor negotiations.
On the other hand, Lowenstein is a brilliant author who’s left no stone unturned in these three investigations. You are there, sitting with the negotiators. You get everybody’s background, from the UAW’s founder Reuther and the TWU’s founder Quill, all the way to modern-day gladiators Toussaint and Kalikow. The bits of the book that cover the strikes and the all-night negotiations are impossible to put down and who cares if the echo of those events is lost in time?
More to the point, the book exposes you very clearly to two undeniable facts that might elude a more dispassionate discussion:
1. Pensions are a legitimate entitlement. They do not draw their legitimacy from the sacrifices or the struggles that labor had to go through to obtain them; rather, they represent a necessity and they benefit both the direct beneficiaries (the retirees) and their employers, who would otherwise never grant these pensions.
2. Unfeasibly large entitlements are borne of a negotiation where an important party is not represented: those who will be called to pay for them. Both the grantor and the potential recipient of the pension must therefore share the blame for a negotiation where both can claim victory for having pushed the weight of an agreement to a future generation.
Finally, much as Lowenstein is very much a business journalist and rather disinclined to side with labor, it was very interesting to see him explain that business is not as well-suited as the government to insure society against bad health and old age (and to credit Reuther, a labor union leader, for pioneering that thought.)
In summary, this is not only a fun book, but one that brings to light, through the profiles of weak people (corrupt San Diego fireman Saathof springs to mind), the human fallibility and weakness that often lands us with unfeasibly large promises.
As a supplement to a more complete book on entitlements and aging, I recommend it highly.
While it took a financial crisis for us to acknowledge the overall crisis of the state, the demographic part of the problem was already a very popular topic of discussion around the turn of the millennium. Some, like Huntington, worried about the effects of changing demographics on society; many more about the effect on markets; others about the effect on private and public entitlements such as pensions.
So it’s no coincidence that, just as the crisis was about to erupt, two books by solid authors appeared in 2008 to discuss the aging of our society: George Magnus gave us “the Age of Aging” and legendary author of “How Genius Failed,” Roger Lowenstein, came out with “While America Aged.”
Very much unlike its author, Magnus’ work lacks “soul,” but it has hardly aged! Ten years later, it remains a tremendous reference.
In an important way, Lowenstein’s “While America Aged” decidedly has: GM hit the rocks (and the headlines) as far back as 2005 and washed itself clean of its past in the first half of Obama’s term. The travails of the Transport Workers Union in New York and the accounting shenanigans in San Diego are no longer news either. The Wikipedia entry for the TWU has not really been updated since 2006 as far as I can tell.
In short, “While America Aged” is compelling journalism and makes for some very interesting reading, but is never going to be a reference on pensions, on aging or on labor negotiations.
On the other hand, Lowenstein is a brilliant author who’s left no stone unturned in these three investigations. You are there, sitting with the negotiators. You get everybody’s background, from the UAW’s founder Reuther and the TWU’s founder Quill, all the way to modern-day gladiators Toussaint and Kalikow. The bits of the book that cover the strikes and the all-night negotiations are impossible to put down and who cares if the echo of those events is lost in time?
More to the point, the book exposes you very clearly to two undeniable facts that might elude a more dispassionate discussion:
1. Pensions are a legitimate entitlement. They do not draw their legitimacy from the sacrifices or the struggles that labor had to go through to obtain them; rather, they represent a necessity and they benefit both the direct beneficiaries (the retirees) and their employers, who would otherwise never grant these pensions.
2. Unfeasibly large entitlements are borne of a negotiation where an important party is not represented: those who will be called to pay for them. Both the grantor and the potential recipient of the pension must therefore share the blame for a negotiation where both can claim victory for having pushed the weight of an agreement to a future generation.
Finally, much as Lowenstein is very much a business journalist and rather disinclined to side with labor, it was very interesting to see him explain that business is not as well-suited as the government to insure society against bad health and old age (and to credit Reuther, a labor union leader, for pioneering that thought.)
In summary, this is not only a fun book, but one that brings to light, through the profiles of weak people (corrupt San Diego fireman Saathof springs to mind), the human fallibility and weakness that often lands us with unfeasibly large promises.
As a supplement to a more complete book on entitlements and aging, I recommend it highly.
June 26, 2021
Now that I am getting closer and closer to retirement age, I naturally find myself more interested in things like pensions.
Lowenstein has an engaging writing style and he somehow manages to make stories about pensions pretty interesting.
But this brings me to my two main criticisms:
(1) I wish there was a little bit more analytical rigor. He spends a lot of time telling stories about individual companies and specific labor negotiations, but I would have liked to get more an overall analysis of the entire situation. It felt like it didn't go quite deep enough.
(2) although he seemingly tries to be evenhanded by blaming governments and corporations in addition for underfunding pensions, I still found the tone of many of his comments to be annoying:
(i) Pensions are not handouts from indulgent employers to entitled employees, they are DEFERRED COMPENSATION. Those workers EARNED their pensions and BARGAINED for them. Jobs with pensions generally pay less than those without. The employees would not stay at these jobs if it wasn't for the pension. So the employers cannot turn around and pretend to be the victim when it comes time to pay!
(ii) The "solution" to the "pension crisis" is blindingly simple: Force employers and employees to fund their pensions at an adequate levels. That's exactly what countries with strong pensions do! (See for example: https://www.investopedia.com/articles... )
So all the problems described in the book can be easily solved if employers and employees are willing to contribute properly.
It does make me wonder though what will happen by 20150 if some societal factors changes much more drastically than predicted (e.g. sharply declining birth rate or much higher life expectancy).
Hopefully we'll figure something out!
Lowenstein has an engaging writing style and he somehow manages to make stories about pensions pretty interesting.
But this brings me to my two main criticisms:
(1) I wish there was a little bit more analytical rigor. He spends a lot of time telling stories about individual companies and specific labor negotiations, but I would have liked to get more an overall analysis of the entire situation. It felt like it didn't go quite deep enough.
(2) although he seemingly tries to be evenhanded by blaming governments and corporations in addition for underfunding pensions, I still found the tone of many of his comments to be annoying:
(i) Pensions are not handouts from indulgent employers to entitled employees, they are DEFERRED COMPENSATION. Those workers EARNED their pensions and BARGAINED for them. Jobs with pensions generally pay less than those without. The employees would not stay at these jobs if it wasn't for the pension. So the employers cannot turn around and pretend to be the victim when it comes time to pay!
(ii) The "solution" to the "pension crisis" is blindingly simple: Force employers and employees to fund their pensions at an adequate levels. That's exactly what countries with strong pensions do! (See for example: https://www.investopedia.com/articles... )
So all the problems described in the book can be easily solved if employers and employees are willing to contribute properly.
It does make me wonder though what will happen by 20150 if some societal factors changes much more drastically than predicted (e.g. sharply declining birth rate or much higher life expectancy).
Hopefully we'll figure something out!
June 7, 2024
I bought it many years ago in a HK book fair. And never bothered to read it, till recently when I am about to become 50 yrs old, i.e. an age that needs to prepare for my own retirement. I guess I will have to rely on personal savings, without much access to the pension plans described by this book.
This book tells three interesting real stories:1, how the corporate pension plans and the powerful UAW (union of auto workers) as a bargaining party asking for higher and higher pension benefit made GM less and less cost competitive (vs Toyota) and thus bring down the whole US auto industry. So, it is fun to know that auto workers (collectively and invisibly throught their pension) owns GM. GM pays their huge pension before it can pay div to shareholders. 2. how the NYC subway workers strike to make NYC stop and bargain for better and better pension and healthcare for public service employees. 3, how San Diego City has no money to fund its pension for public service employees and hence by stop paying and offering sth like a bigger pension in future. Obvisouly that's a violation and a fraud and turned into a big lawsuit.
In sum, US is becoming a solicalist welfare country. And it has no money to pay for it.
The author thinks that a possible solution is to nationalize all the corporate pensions, and let the gov set up, run, and fully fund a pension for all. That's a good idea, just that it means more tax, and less money for current spending. So the politicians wont want to do it.
Why is there a pension system in the first place? How did people survive in ancient history? They have to save when they are young. That's a real problem for US in that people dont save, they just spend on credit cards and wish someday a gov and an employer will save them when they retire.
This book tells three interesting real stories:1, how the corporate pension plans and the powerful UAW (union of auto workers) as a bargaining party asking for higher and higher pension benefit made GM less and less cost competitive (vs Toyota) and thus bring down the whole US auto industry. So, it is fun to know that auto workers (collectively and invisibly throught their pension) owns GM. GM pays their huge pension before it can pay div to shareholders. 2. how the NYC subway workers strike to make NYC stop and bargain for better and better pension and healthcare for public service employees. 3, how San Diego City has no money to fund its pension for public service employees and hence by stop paying and offering sth like a bigger pension in future. Obvisouly that's a violation and a fraud and turned into a big lawsuit.
In sum, US is becoming a solicalist welfare country. And it has no money to pay for it.
The author thinks that a possible solution is to nationalize all the corporate pensions, and let the gov set up, run, and fully fund a pension for all. That's a good idea, just that it means more tax, and less money for current spending. So the politicians wont want to do it.
Why is there a pension system in the first place? How did people survive in ancient history? They have to save when they are young. That's a real problem for US in that people dont save, they just spend on credit cards and wish someday a gov and an employer will save them when they retire.
February 1, 2025
I’m worried about Social Security and Medicare. I also know that many of other the public pension systems in the United States are in trouble also. This book was exceptional in explaining in three separate cases how pension benefits got out of hand.
Pensions and healthcare started at GM during World War II because the Government froze wages. In order to compete GM offered non-cash benefits like healthcare and pensions to emloyees.
Government workers were not allowed to unionize until fairly recently. But government employees could see the gains that were being made by unions in the auto industry and wanted similar wage gains. Politicians are by nature particularly bad at standing up to unions because unions can make the difference in who wins the next election.
The subway transport union in New York City was particularly effective in bargaining because they had the power to shut New York City down. After they did it once nobody in government wanted a repeat.
Pensions were a way for politicians to give concessions that hardly affected current labor costs. Politicians were only in office for a fairly short time, and ballooning pension costs wouldn’t become due during the time frame they were in office.
A similar fate befell San Diego. There seemed to be a mindset that taxes could not be increased. For the politicians it seemed the only way out was to trade pensions for wage gains. On top of sweetheart deals with the unions the politicians lied about San Diego’s financial statements. All very sad.
After reading this book I can see how easily Social Security and Medicare got into trouble because budget pressures are current and pensions are in the future.
Pensions and healthcare started at GM during World War II because the Government froze wages. In order to compete GM offered non-cash benefits like healthcare and pensions to emloyees.
Government workers were not allowed to unionize until fairly recently. But government employees could see the gains that were being made by unions in the auto industry and wanted similar wage gains. Politicians are by nature particularly bad at standing up to unions because unions can make the difference in who wins the next election.
The subway transport union in New York City was particularly effective in bargaining because they had the power to shut New York City down. After they did it once nobody in government wanted a repeat.
Pensions were a way for politicians to give concessions that hardly affected current labor costs. Politicians were only in office for a fairly short time, and ballooning pension costs wouldn’t become due during the time frame they were in office.
A similar fate befell San Diego. There seemed to be a mindset that taxes could not be increased. For the politicians it seemed the only way out was to trade pensions for wage gains. On top of sweetheart deals with the unions the politicians lied about San Diego’s financial statements. All very sad.
After reading this book I can see how easily Social Security and Medicare got into trouble because budget pressures are current and pensions are in the future.
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October 5, 2024
Here's a 3-star Goodreads review for "While America Aged" by Roger Lowenstein:
★★★☆☆
Lowenstein's "While America Aged" offers a detailed and well-researched look into the pension crisis facing America's corporations and municipalities. Through case studies of General Motors, New York City's transit system, and San Diego, the author paints a vivid picture of how generous retirement benefits, negotiated decades ago, have led to severe financial strains today.
The book's strength lies in its historical context and Lowenstein's ability to explain complex financial concepts in an accessible way. His narrative style keeps the reader engaged, even when delving into potentially dry topics like actuarial calculations and pension fund management.
However, the book feels somewhat dated now, having been published in 2008 before the financial crisis and GM's bankruptcy. While the core issues remain relevant, some of the specific details and projections are no longer accurate.
Additionally, while the three case studies are informative, they may not fully represent the diversity of pension situations across the country. The book could have benefited from a broader range of examples and more exploration of potential solutions.
Overall, "While America Aged" provides a solid introduction to the origins and scope of America's pension problems. It's a worthwhile read for anyone interested in understanding this complex issue, but should be supplemented with more recent sources to get a complete picture of the current situation.
★★★☆☆
Lowenstein's "While America Aged" offers a detailed and well-researched look into the pension crisis facing America's corporations and municipalities. Through case studies of General Motors, New York City's transit system, and San Diego, the author paints a vivid picture of how generous retirement benefits, negotiated decades ago, have led to severe financial strains today.
The book's strength lies in its historical context and Lowenstein's ability to explain complex financial concepts in an accessible way. His narrative style keeps the reader engaged, even when delving into potentially dry topics like actuarial calculations and pension fund management.
However, the book feels somewhat dated now, having been published in 2008 before the financial crisis and GM's bankruptcy. While the core issues remain relevant, some of the specific details and projections are no longer accurate.
Additionally, while the three case studies are informative, they may not fully represent the diversity of pension situations across the country. The book could have benefited from a broader range of examples and more exploration of potential solutions.
Overall, "While America Aged" provides a solid introduction to the origins and scope of America's pension problems. It's a worthwhile read for anyone interested in understanding this complex issue, but should be supplemented with more recent sources to get a complete picture of the current situation.
March 19, 2019
Absolutely captivating. I could not have asked for a more thorough review and analysis of the 3 cases Lowenstein wrote about in this book about the history, elevation, and then eventual crises GM, MTA, and San Diego faced with pensions.
Despite the antiquated pension system being phased out in the current work environment, their liabilities from decades past continue to haunt private companies, states, and municipalities to this very day. The struggles between GM and UAW for example, appeared in the news just today. The battle between companies and unions is still very much alive. The liabilities of pensions will affect current and future taxpayers as unfunded/underfunded liabilities become due.
Fundamentally, the battle is a battle of values. It's the companies, who report to their shareholders, versus the unions, who report to the workers. It's the battle between social values of fair compensation and responsibility to the taxpayer. It's the battle between economic feasibility and political victory.
Overall, highly recommend to anyone that would like to gain a deeper insight into the serious perils that will besiege the current and next generation as private and public entities wrestle over how to employ, retain, and then prepare employees for retirement.
Despite the antiquated pension system being phased out in the current work environment, their liabilities from decades past continue to haunt private companies, states, and municipalities to this very day. The struggles between GM and UAW for example, appeared in the news just today. The battle between companies and unions is still very much alive. The liabilities of pensions will affect current and future taxpayers as unfunded/underfunded liabilities become due.
Fundamentally, the battle is a battle of values. It's the companies, who report to their shareholders, versus the unions, who report to the workers. It's the battle between social values of fair compensation and responsibility to the taxpayer. It's the battle between economic feasibility and political victory.
Overall, highly recommend to anyone that would like to gain a deeper insight into the serious perils that will besiege the current and next generation as private and public entities wrestle over how to employ, retain, and then prepare employees for retirement.
January 24, 2018
Writing on past events could be classic, or dated. Unfortunately this book leans more towards the latter. The 'dated' flavor comes from frequent exclamations: one settlement was 'the largest in history', one company 'the most valuable', etc.
Writing aside, I am very interested in the book's topic and core message. Pensions, or *promises* about future long-term payments, could be meaningless unless enforceable, or fully funded. Unfortunately, if members of the pension system don't know the details of how these *promises* work, they could be short changed by business over-promise and under-fund for short-term gains, politicians bankrupting the pension system for short term gains, or both.
I had limited personal experience in my prior life, and I noticed myself extrapolating pension *promises* made at the time, into future guaranteed. It actually doesn't work this way, benefits could be re-negotiated, formula modified, pension freeze, or buy-out. Pension *promises* are not permanent, even though they carry such an impression.
Writing aside, I am very interested in the book's topic and core message. Pensions, or *promises* about future long-term payments, could be meaningless unless enforceable, or fully funded. Unfortunately, if members of the pension system don't know the details of how these *promises* work, they could be short changed by business over-promise and under-fund for short-term gains, politicians bankrupting the pension system for short term gains, or both.
I had limited personal experience in my prior life, and I noticed myself extrapolating pension *promises* made at the time, into future guaranteed. It actually doesn't work this way, benefits could be re-negotiated, formula modified, pension freeze, or buy-out. Pension *promises* are not permanent, even though they carry such an impression.
July 23, 2017
It was an interesting look into three separate scenarios where pensions and retiree benefits placed a massive burden on future generations (GM, NYC transit and the City of San Diego). The view of how these things came about, the role labor played in pushing for extreme benefits, and how government basically rolled over in many negotiations because they knew the bills would only come due later was compelling. Ultimately it was a good lesson in history but some of the stories were a little detailed and too in depth on the specific players. A solid read but not one of Lowensteins best.
November 4, 2024
I may have missed it, but it seems Lowenstein focuses exclusively on the perspectives of the elites or the leaders. The common folk are a statistic, non-specific taxpayers and union members. I would’ve like to learn, for example, how mad the union members were before they went on strike, when their pensions and benefits were at their obscene highest heights.
April 23, 2018
Always interesting to read things written before the financial crisis. Things only got worse from here, but it’s interesting to see how companies like GM got as bad as they did in terms of pension and retiree healthcare liabilities.
September 13, 2021
This is the first book I have read that adequately breaks down the suicide pact many unions become. If you negotiate a deal so lucrative it prevents your company from competing and it goes out of business, you haven’t secures a good deal.
August 16, 2017
Good info, but I found the detailed recounting of every twist and turn -- especially in San Diego -- a little tedious. I had hoped for a broader overview from across the country.
February 6, 2018
Requires more understanding of American politics than I possess.
March 24, 2019
A well researched book. The topic is a little boring, but the author has written it well. The organization of the book into different case studies was great.
June 12, 2020
Despite that huge title this is a very readable book. Lowenstein tells the stories in a way that engages you. His research is solid as usual.
April 7, 2021
Very dense information but interesting loom into both private and public pensions.
February 16, 2022
Terrifying and engaging accounts of pension fund exploitation across the US in the 20th century. Highly recommended.
January 3, 2024
Okay book highlighting how defined benefit pension plans have destroyed companies and municipalities. Also predicts that this will continue and get worse.
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