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The US Gummint is the guarantor of many of these systems. In other words, if the private system fails, the US will take over payments. The only little problem with this is the US liability for all their obligations of all kinds could run somewhere near $47 TRILLION according to figures I read in "The Daily Reckoning". That's more than the entire net worth of the entire frigging country! If the economy collapses, and even half of these obligations pass to the government, we all are screwed. The politicians have been trading on what they can "give" us; if you doubt that, recall the recent party convention. If you think that only applies to one party, watch the next party convention later this month. For years the political class have been attempting to hold things together on their own watch, continuing their glorious carreers of "selfless, public service", putting off the inevitable until some unfortunate future generation. I have more than enough time to retire, but am too young. Under current rules, I can't retire until 2010. I'll be lucky if I still have a job, let alone retirement.
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