Here is a chart from a CBO testimony in the House today that shows you the issue that will create the next class war. Social security is massively underfunded, as is Medicare. Big cutbacks in benefits are unavoidable. As you can see in the chart, these cutbacks will be of greater or less importance to people depending on their circumstances.
It is also true that pension funds have lost a great deal of money in the current financial panic. They will lose a lot more if tax rates increase, as they are almost certain to do following the election.
We are going to have a lot more old dudes working to pay the rent than anyone thinks today. They won’t be happy about it.