While America Aged

With his trademark narrative panache, Lowenstein unravels the truth about how pensions work in America and illuminates the impending crisis. While America Aged is comprised of three fascinating case studies. The first goes back to the early days of the United Auto Workers and its crusading leader, Walter Reuther, to tell the story of how pensions and healthcare obligations destroyed the American auto industry. Lowenstein then shifts the scene to New York City to tell the story of the rise of public pensions and public-sector unions. Once again, justifiable benefits were followed by outrageous ones--and the saga reached a dramatic climax in 2005, when workers responded to proposed pension cutbacks with a massive strike that brought New York's subways and buses to a screeching halt. In the concluding episode, Lowenstein visits a metropolis even more reckless in doling out benefits--San Diego. Desperate not to impose higher taxes, city officials in this highly conservative enclave cut a series of deals with unio