While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego, and Loom as the Next Financial Crisis
Roger Lowenstein's While America Aged reveals how ballooning pension debts have ruined General Motors, stalled NYC subways, bankrupted San Diego, and threaten to spark the next major financial crisis. Drawing on compelling case studies, the book exposes the hidden fiscal burdens weighing down America's economy and calls for critical reforms to avert disaster.
About This Book
In While America Aged, Roger Lowenstein examines the devastating impact of pension obligations on key American entities. He details how these debts contributed to the downfall of General Motors, halted progress on New York City subways, and led to San Diego's bankruptcy.
The book highlights the broader implications for the nation's economy, portraying pension debts as a ticking time bomb. Lowenstein draws on real-world examples to illustrate the fiscal strains faced by corporations and municipalities alike.
Through meticulous analysis, the narrative underscores the urgent need for reform in retirement funding systems. It serves as a cautionary tale about the consequences of underfunded pensions in an aging society.
Lowenstein's insights reveal patterns of mismanagement and policy failures that have exacerbated these issues over decades. The discussion extends to potential future crises if current trends persist.
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