The pension funding problem will be the next crisis. We are looking at a $4 trillion pension deficit across the public and private sectors in the U.S., after nine years of rampant asset inflation. That's a stunning statistic. If the market corrects even 15%, and stays there, it will bore massive holes in pensions. New Jersey, Illinois, state after state, are figuring out how to close this gap.
~ Stephanie Pomboy, founder, MacroMavens, "How the Fed Will Trigger the Next Crash," Barron's, March 24, 2018