While America Aged

Roger Lowenstein, While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego, and Loom as the Next Financial Crisis – an interesting read on some of the worst pension abuses.  It reaffirmed my believe in balance – the worst political situation is when any interest group gains a foothold which allows them to run their agenda at someone else’s expense.  The NY teacher’s at one time would retire at 130% of salary!  Can you imagine that?  And this was after 30 years of service.  Do you think anyone would not retire on the first day possible?

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