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

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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
by Roger Lowenstein
from Penguin Press HC, The

Customer Reviews:

• Avg. Customer Rating: 4.0 / 5.0

• Too much historical detail and not enough analysis of solutions
  The author examines 3 organizations......1 in the private sector (GM) and 2 in the public sector (NY Transit and City of San Diego) with respects to their pension plans and their financial health.
  The case of GM is fairly well publicized. In early 2008, Business Week ran an article predicting that GM and Ford really have no choice but to declare bankruptcy...to eliminate their pension plan obligations by passing them along to the US taxpayers. As the author points out, GM went from being one of the... more info

• Interesting Problem, Poor Solutions
  Very interesting and informative book, enjoyed it immensely. However I part company with the author when it comes to solutions. His only idea seems to be tax increases so the public can pay for the rapacious antics of the public sector unions in particular or so the government can bail out the private sector companys that have caved into unions. And heaven forbid that people actually be allowed to control their own retirement funds and investements, the nanny state uber alles.

• Price
  This is a rediculous price for a Kindle edition that costs the publisher next to nothing (after the initial conversion to the Kindle format) and that I can't share or sell.

• Terrific Book!
  This is a fantastic read! The book discusses the plight our society faces when the bill comes due on pensions and health benefits for many corporations, city and state governments. It prompted me to look at the state of Nevada pension plan for teachers. The plan is grossly underfunded and guess who gets to pay for these benefits when the plan runs out of money. Me, the taxpayer. As of June 30, 2003, Nevada PERS assets had a market value of $14 billion, but actuarial liabilities of $19.5 billion. 5.5 billion... more info

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