As the stock market implodes in response to COVID-19, there is an underlying economic virus that will soon be evident: America's grossly underfunded pensions.  With the market down 40% in from its high point (before rebounding March 24), many corporations may default on their pension promises.  consumption and thus gross sales will decline (further dampening corporate profits), and the widespread weakness of pensions will be exposed.  This in turn will cause a vicious cycle in which retirees and those planning retirement will have fewer disposable dollars and will divert more money to retirement savings — further weakening consumption and undermining the effectiveness of interest rate adjustments by the Federal Reserve. The problem of underfunded pensions has been loudly proclaimed for years.  It is hard to ignore article titles like "The Coming Pension Crisis Is So Big that It's a Problem for Everyone" (Forbes,...(Read Full Article)