Pension debt? So does everybody who's not in some corporation's C-suite! Who do you know with a 401K that has recovered all that it lost in the Great Recession? That is, not only the original amount but all the additional that was needed over those years and didn't happen? Most pension funds have recovered what they lost in raw dollars, but lost all the appreciation that was expected during those years, leaving them, like your 401K in a hole. Resulting in those who are still working having to pay more and leaving open to question what and when enough will come in to make it up. So state workers stating now will probably have to work until 70-75 to get the pension that those retiring at 65 now get. Is there anything wrong with that, except "fairness?" Does your 401K that you planned in 2005 to cover a nice retirement at 60 work that way any more? It's financial life.

If you look at the "pension" systems of Western Europe, most are fairly generous - at least, they allow you to pay the rent, eat something, and get medical care - and have nearly no non-public funding. Good luck there. By civilized world standards, US old-age care is better than 3rd world but not by much.