Summary
Summary
Retirement insecurity is an increasingly serious manifestation of the vast inequality that risks destroying the social fabric in America. The nearly inevitable consequence of lifetime wage discrepancies, security in retirement is linked to the kinds of jobs we hold during our work lives. That, in turn, is a product of all the forces leading to historic levels of inequality, forces that have protected the very wealthy, destroyed any hold on stability for the poor, and gradually eroded the security of the vast middle class. The problem of inequality has moved from an academic preoccupation to a growing theme in national and local politics. The election of Bill Di Blasio in New York was the first real political victory that owes itself to citizens demanding a reversal of inequality. It has been an underlying them in the Democratic presidential debates, a motif for the Hillary Clinton campaign and a pronounced feature of Bernie Sanders' bid. This attention is not an accident. When members of Congress returned to their districts to test out messages for upcoming elections, the one issue that resonated among their publics was "Do something about retirement."
Reviews (2)
Publisher's Weekly Review
Newman, who wrote about the working poor in No Shame in My Game, turns in this compassionate study to the erosion of that formerly reliable social safety net: the pension. Newman profiles workers who spent their careers sacrificing higher salaries or glamorous jobs for the security they believed came with union or government employment, only to find the rug pulled out from under them when their pensions were revealed to be underfunded. Retirement-age people, many ill equipped to find a job in a competitive market, make up the fastest-growing segment of the labor force, according to Newman. Meanwhile, younger workers are frequently not offered the retirement benefits their parents and grandparents enjoyed-not because of foreign competition or market downturns but because resources are being diverted to shareholders-causing intergenerational resentment. Newman finds that countries faring better than the United States in postretirement well-being-Denmark, the Netherlands, and Australia among them-have mandatory government pensions (and, in Australia's case, a mandatory retirement savings program). She concludes by emphatically advocating for Paul Krugman's solution to future Social Security insolvency-eliminate the cap on income subject to payroll taxes. Newman's reportage moves gracefully between pension instability's effects upon individual lives and the societal consequences. This is an empathetic and revealing investigation. (Jan.) © Copyright PWxyz, LLC. All rights reserved.
Booklist Review
A solid pension and guaranteed Social Security payments were once anticipated by most retirees. But the 2008 recession, mismanagement of funds, and rising health-care costs have put both in jeopardy. Sociologist Newman delves into the uncertainty confronting today's retiring workers, using personal stories to explore the problems faced by blue-collared Teamsters, white-collared United Airlines workers, and Detroit's municipal employees. She warns that many of these funds have been tapped for other uses, and with the baby boomers living longer and fewer younger workers paying into pensions, few of them are sustainable. Older workers are fighting back by staying on jobs longer or working part-time to supplement income, but many, especially those less well educated and poorer, are having difficulty coping. Newman notes that secure retirement is aided by supporting institutions as she compares the plight of retirees in struggling areas in Louisiana to those in Ogden, Utah, where the Church of Jesus Christ of Latter-day Saints provides needed aid. This well-argued study offers a broad look at the insecurity threatening generations to come and possible solutions to this complex issue.--Candace Smith Copyright 2018 Booklist