Pensions cannot continue to deliver $31,500 to the average pensioner. Growth cannot continue forever, and people will have to embrace for some pain. It isn’t only California. There are many other states in the same situation. In Dallas, much of the police force is already cashing out lump sums of their pensions because they know that the money in there will not last another 10 years. This is quite eye opening and it should be for many people who expect to get any kind of pension plan, public or private. People need to recognize the problem in front of them. The gravy train cannot last forever, nonetheless another 10 years. People need to take responsibility for their own futures and have other plans in place when things don’t go as promised. Trump can continue to pump hope into the system but only for a limited amount of time until people realize the truth in front of them. Stock market returns are diminishing, and the CalPers pension fund contracted from 7.5% to 7% in an environment where everyone thinks we have lots of growth.