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From Crisis to Recovery: The Causes, Course and Consequences of the Great Recession by Patrick Love, Brian Keeley

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5. Pensions and the Crisis

Pension fund assets dropped by over $5 trillion from $27 trillion during the crisis. The losses to benefits as a consequence will not affect all participants in pension funds equally, with older workers suffering most, while those in defined-benefit plans will probably be better off. Even before the crisis, though, there were calls to reform pensions.

By way of introduction …

After the Deepwater Horizon oil platform exploded in the Gulf of Mexico with the loss of 11 lives, global attention focused on what would turn out to be the worst environmental disaster in US history. As the weeks went by and attempts to stop the leak failed, the costs of the cleanup plus potential damages began to mount, and markets became ...

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