Yes, there's certainly a risk that's there. I think the people who are in the system today need to be responsible for their own retirement. When you point out the losses that have occurred in the stock markets, I'd like to point out—on that $800-billion pool of public sector money that's out there—that the stock markets are down 20% this year. The United States has just introduced the Twist program, which is going to keep bond rates very low. The loss is 20% in the hole in the stock markets, and it's going to decrease the value of those public sector pension plans another $160 billion. There's no way the current taxpayers or employees can make that up, so all we're doing is pushing that obligation ahead into the future for other generations. We have to find a way of dealing with that issue.
On October 6th, 2011. See this statement in context.