While America Aged

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: Funding the pension also drained immense resources from what GM could invest in product desi......more

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, t......more

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 ofte......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......more

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......more