As David K. Shipler makes clear in this powerful, humane study, the invisible poor are engaged in the activity most respected in American ideology—hard, honest work. But their version of the American Dream is a nightmare: low-paying, dead-end jobs; the profound failure of government to improve upon decaying housing, health care, and education; the failure of families to break the patterns of child abuse and substance abuse. Shipler exposes the interlocking problems by taking us into the sorrowful, infuriating, courageous lives of the poor—white and black, Asian and Latino, citizens and immigrants. We encounter them every day, for they do jobs essential to the American economy.
This impassioned book not only dissects the problems, but makes pointed, informed recommendations for change. It is a book that stands to make a difference.
From the Trade Paperback edition.
It's no secret that hundreds of companies have been slashing pensions and health coverage earned by millions of retirees. Employers blame an aging workforce, stock market losses, and spiraling costs- what they call "a perfect storm" of external forces that has forced them to take drastic measures.
But this so-called retirement crisis is no accident. Ellen E. Schultz, award-winning investigative reporter for the Wall Street Journal, reveals how large companies and the retirement industry-benefits consultants, insurance companies, and banks-have all played a huge and hidden role in the death spiral of American pensions and benefits.
A little over a decade ago, most companies had more than enough set aside to pay the benefits earned by two generations of workers, no matter how long they lived. But by exploiting loopholes, ambiguous regulations, and new accounting rules, companies essentially turned their pension plans into piggy banks, tax shelters, and profit centers.
Drawing on original analysis of company data, government filings, internal corporate documents, and confidential memos, Schultz uncovers decades of widespread deception during which employers have exaggerated their retiree burdens while lobbying for government handouts, secretly cutting pensions, tricking employees, and misleading shareholders. She reveals how companies:Siphon billions of dollars from their pension plans to finance downsizings and sell the assets in merger deals Overstate the burden of rank-and-file retiree obligations to justify benefits cuts while simultaneously using the savings to inflate executive pay and pensions Hide their growing executive pension liabilities, which at some companies now exceed the liabilities for the regular pension plans Purchase billions of dollars of life insurance on workers and use the policies as informal executive pension funds. When the insured workers and retirees die, the company collects tax-free death benefits Preemptively sue retirees after cutting retiree health benefits and use other legal strategies to erode their legal protections.
Though the focus is on large companies-which drive the legislative agenda-the same games are being played at smaller companies, non-profits, public pensions plans and retirement systems overseas. Nor is this a partisan issue: employees of all political persuasions and income levels-from managers to miners, pro- football players to pilots-have been slammed.
Retirement Heist is a scathing and urgent expose of one of the most critical and least understood crises of our time.
Perhaps Studs Terkel's best-known book, Working is a compelling look at jobs and the people who do them. Consisting of over one hundred interviews with everyone from a gravedigger to a studio head, from a policeman to a piano tuner, this book provides an enduring portrait of people's feelings about their working lives.
"A powerful, original, indescribable and incredible book... Only an interviewer of genius, exploiting the tape recorder as hardly anyone else has done, could possibly have brought it forth." —Lewis Mumford
"A magnificent book... a work of art. To read it is to hear America talking." —Boston Globe
"Splendid... Important... Rich and fascinating... The people we meet are not digits in a poll but real people with real names who share their ancedotes, adventures, and aspirations with us." —Business Week
"The talk in Working is good talk--earthy, passionate, honest, sometimes tender, sometimes crisp, juicy as reality, seasoned with experience." —Washington Post
"Nothing could tell our children's children who and how and what we were the way Studs Terkel will. Is it possible the great American novelist is Terkel?" —Murray Kempton
The value of West Virginia’s coalfields had been known for decades, and after rail arrived in the 1870s, industrialists pushed fast into the wilderness, digging mines and building company towns where they wielded nearly complete control over everyday life. The state’s high-quality coal drove American expansion and industrialization, but for tens of thousands of laborers, including boys as young as ten, mining life showed the bitter irony of the state motto, “Mountaineers are Always Free.” Attempts to unionize were met with stiff resistance. Fundamental rights were bent, then broken, and the violence evolved from bloody skirmishes to open armed conflict, as an army of miners marched to an explosive showdown. Extensively researched and told in vibrant detail, The Devil is Here in These Hills is the definitive book on an essential chapter in the history of American freedom.