The day of reckoning that so many have talked about for so many years is here.

Today, America's elderly are living longer and the cost of health care is rising dramatically.  Those two factors are going to make it incredibly expensive to take care of all of these retiring Baby Boomers.

Meanwhile, the sad truth is that the vast majority of Baby Boomers have not adequately saved for retirement.  For many of them, their home equity was destroyed by the recent financial crisis.  For others, their 401ks were devastated when the stock market tanked.

Meanwhile, company pension plans across America are woefully underfunded.  Many state and local government pension programs are absolute disasters.  The federal government has already begun to pay out more in Social Security benefits than they are taking in, and the years ahead look downright apocalyptic for the Social Security program.

If we are not careful all of these Baby Boomers are going to push us into national bankruptcy.  We simply cannot afford all of the promises that we have made to them.