While America Aged by Roger Lowenstein
A detailed investigation of how America’s pension system — both corporate defined-benefit plans and public pensions — became chronically underfunded, tracing the interplay of optimistic actuarial assumptions, risky investment strategies, creative accounting, managerial short‑termism, and political pressures; through case studies and reporting, the book explains how these choices, amplified by market downturns and longer retirements, produced massive unfunded liabilities, strained companies and state budgets, and left retirees and taxpayers exposed, while critiquing the incentives and institutional failures that allowed the crisis to grow.
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