With public employees, the day of reckoning is more in the distance.

It looks like we're doing as well as we've always done. But in fact, the world has changed. And it's for four big, real obvious reasons.

It's an entirely new phenomenon for healthy companies to freeze their pensions.

People will be scrambling at a time when they should be secure.

Everybody is having a terrible time. Nobody is enjoying much in terms of growth in net worth. No one has enough to support themselves in retirement for 20 years.

Our employer-based social-welfare system is collapsing.