FT.com: US Public Pensions Face $2 Trillion Deficit | Benzinga.com: "Much like we were early citing the coming fiscal disaster that are state budgets [Dec 16, 2007: California in a State of Fiscal Emergency - Coming to a Theater Near You] so will be early to the disaster that is the US public pension system. As we clearly now see, there is no political will to make hard decisions that alienate any of the potential voting public. So, much like the state (and city) budget crisis, I expect the nation to continue to kick the can, doling out pensions we cannot afford to the public worker - until we run into a wall at 180 mph. And then your grandchildren will be asked to foot the bill 'in the public interest' or 'to keep the system stable' or 'this is what we promised'. And when the bill for Medicare comes due sometime later in the decade - perhaps when it starts eating up 20%+ of all US GDP - we'll hear the same thing. At some point there will be no extra sources to borrow from, so Federal Reserve Chief Geithner? Summers? will be printing new US pesos at a rate that makes Ben Bernanke's quantitative easing look like child's play. It's all the same pattern - played over and over, just in different future liability accounts."
You can read the details of what is coming toward us at light speed.