...In particular, there is the intractable issue of pensions. Many defined-benefit plans appear to be in real danger of failing to meet their guarantees, at least in the U.S.; defined-contribution plans the world over appear likely to leave people with inadequate income in retirement. Does society do everything it can to honor commitments to retirees (and thereby widen the generational gap still further)? Or are we on course for some reckoning in which older people surrender some of the benefits they have been expecting? This question is central to the next book club selection — The Great Demographic Reversal by Charles Goodhart and Manoj Pradhan — which we will be discussing in a live blog on the terminal on Feb. 3.
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