What happens when you have the following?
- Pensions that have declining asset values in spite of an ever-increasing retiree base
- Workers and retirees who have written into their contracts a guaranteed return on their investments
- A legal obligation by states and municipalities to fund pensions at given levels to ensure guaranteed returns
- The largest voting blocks in America–the AARP and the teacher unions–digging in their heels?
Answer: the next economic disaster.