While America Aged

While America Aged examines the pension crisis in America through three institutional case studies: General Motors, New York City public workers, and the San Diego municipal system. The book traces how these organizations made pension promises that became increasingly difficult to fulfill over multiple decades. Lowenstein analyzes the complex dynamics between labor unions, management, politicians, and economic forces that shaped pension decisions from the 1950s through the 2000s. The narrative follows key figures and pivotal moments in negotiations, policy changes, and financial developments that led to mounting pension obligations. Through these three parallel stories, the book reveals the systemic issues underlying America's retirement funding challenges. Lowenstein's work serves as a warning about the broader implications of unfunded pension liabilities for businesses, governments, and society.

Readers found this book illuminating about pension system failures through three detailed case studies: General Motors, New York City transit, and San Diego. Many noted it clearly explained complex financial concepts for non-experts. Readers appreciated: - Clear breakdown of how pension problems developed over decades - Balanced coverage of union, management and government roles - Relevant to current retirement security debates Common criticisms: - Too much focus on historical details vs solutions - Repetitive points across the case studies - Limited coverage of private sector examples beyond GM Ratings: Goodreads: 3.8/5 (162 ratings) Amazon: 4.2/5 (31 ratings) "Eye-opening look at how short-term thinking created long-term disasters," wrote one Amazon reviewer. A Goodreads reviewer noted: "Important topic but gets bogged down in minutiae of union negotiations." The book resonated particularly with readers in government and finance roles who deal with pension systems.

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🔹 Roger Lowenstein previously wrote "When Genius Failed," a bestseller about the collapse of Long-Term Capital Management, drawing on his years as a Wall Street Journal reporter. 🔹 The book examines three major case studies of pension crises: General Motors, the New York City subway system, and San Diego's city government, showing how each spiraled into financial trouble. 🔹 The pension problems detailed in the book became even more relevant during the 2008 financial crisis, which occurred shortly after publication and severely impacted many of the pension systems discussed. 🔹 While writing this book, Lowenstein gained unprecedented access to GM's internal documents and conducted extensive interviews with former CEO Rick Wagoner about the company's pension obligations. 🔹 The subtitle, "How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego, and Loom as the Next Financial Crisis," proved prophetic—many of the issues highlighted continue to affect American cities and companies today.