By Roger Lowenstein
ISBN-10: 1594201676
ISBN-13: 9781594201677
From the bestselling writer of Buffett, whilst Genius Failed, and Origins of the Crash, a serious warning call to the pension and retirement situation dealing with the United States and the line map for the way out In whereas the USA elderly, bestselling writer Roger Lowenstein explains how businesses and governments ran up ruinous pension and health-care gives you to workers—promises which are now coming due and that might hit the US like a tsunami if not anything is completed. Negotiating excessive merits skill playing with destiny finances—and while the farm will get bought out from beneath significant organisations or public associations, it impacts we all, and in methods we would no longer think. along with his trademark narrative panache, Lowenstein unravels the reality approximately how pensions paintings in the US and illuminates the approaching main issue. whereas the USA elderly is produced from 3 attention-grabbing case reviews— every one an item lesson and a compelling old saga. the 1st is going again to the early days of the United car employees and its crusading chief, Walter Reuther, to inform the tale of ways pensions and health-care responsibilities destroyed the yankee car undefined, particularly normal automobiles. Lowenstein then shifts the scene to long island urban to inform the tale of the increase of public pensions and public zone unions during the motor vehicle of the Communist-led delivery employees Union. once more, justifiable advantages have been by way of outrageous ones, akin to the ideal to retire at age fifty. The saga reached a dramatic climax in 2005, whilst staff spoke back to proposed pension cutbacks with an important strike that introduced New York’s subways and buses to a screeching halt days ahead of Christmas. within the concluding episode, Lowenstein visits a city much more reckless in meting out benefits—San Diego. determined to not impose greater taxes, urban officers during this hugely conservative enclave minimize a sequence of offers with unions to short-change the retirement process and use pension cash to run town. an incredible scandal ensued—two mayors resigned, officers have been indicted, and San Diego misplaced its bond ranking. Lowenstein warns that the pension wars that erupted in Detroit, ny urban, and San Diego are just the 1st. yet he additionally acknowledges that staff are entitled to respectable protection of their retirement—a serious challenge because the kingdom a long time. whereas the United States elderly explains how we got here to this difficulty, and it additionally proposes a manner out. Arming readers with wisdom of the implications of doing not anything, whereas the USA elderly, at first, a decision to motion.
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Additional info for While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego, and Loom as the Next Financial Crisis
Example text
In City Hall that there were potential revenue sources in San Diego other than the pension fund. The list of the top twelve cities in California, ranked by revenue raised per capita, made this eminently clear: But of course, they would be advocating just that. form, this version was reasonable. favorable opinion, which ran for fourteen pages, was a triumph of professional plasticity. ” Blum gives a history of the case, he devotes a page to the decision (which established the right of Californians to a secure retirement system), and he somehow arrives at the conclusion that in approving MP-2, the SDCERS board would be reflecting “consideration of the principles set out in,” which is not the same as saying it would be consistent with.
Pension advisers are typically unsung, but they have moments, at least potentially, of quiet heroism. Nothing but the absolute truth will do, and they cannot allow either peer pressure or a desire to please to corrupt their opinion. Neither Hamilton nor Roeder was up to it. Each gave a grudging okay and the resistance collapsed. By a vote of 8-3, the board approved its own underfunding. In July, the council kept its part of the bargain, passing the new, higher pension benefits without discussion.
His bankruptcy, which was born of his characteristic cockiness, had softened his roughest edges. “I thought I could do no wrong,” he admitted later. ” Failure had given the new MTA chief a heightened awareness, a sense of financial risk. Bloomberg thus raised taxes on ordinary New Yorkers to pay for pensions. He served up an incredibly steep 18½ percent hike in the property tax. Within the year, every penny of the increase had been absorbed by the rise in pension costs. North explored various alternatives, including switching the city from a traditional, defined benefit system to 401(k)s, which was the path being followed by many private employers.