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The net effect will be a fall in the replacement ratio to 31% by 2030.
The result should be a fall in GDP of about 0.1% quarter-on-quarter.
as falls in debt levels cannot happen quickly, the trigger for the next crisis is likely to be a fall in asset prices.
The only thing which could threaten that income would be a fall in student numbers, and there are no signs of that happening.
"The result will be a fall in domestic corporate investment, allowing for a rise in domestic consumption and welfare, and a rise in corporate investment abroad".
Remember, the U.S. government can't run out of cash (it prints the stuff), so the worst that could happen would be a fall in the dollar, which wouldn't be a terrible thing and might actually help the economy.
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CEO of Professional Science Editing for Scientists @ prosciediting.com