[C210N]

Pension funds, as well as social security and all unfunded liabilities can always and readily be paid no matter what the total dollar amount is.

The problem though, is that paying these funds might need to be done with near worthless money in an atmosphere where the only assets of value are made of brass and lead.

[MSF BU]

Your analysis may be true for federal obligations, but certainly not for those of the states or local governments.