Labor: Penchant for Pensions

Whatever effect last week's auto settlement may have on the U.S. economy, it is bound to accelerate one of the most basic and significant trends in U.S. labor: the move toward higher pensions and earlier retirements. Over the years, an affluent society has given Americans higher wages, a greater life expectancy and increased education to develop their capabilities more fully. Now, more and more of them also want the pot of gold at the end of that rainbow—the opportunity to give up their working days earlier, with sufficient income to support themselves and their families, in order to pursue...

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