Either the Baby Boomers are not going to have the retirement life that they expect or taxpayers are going to be hit with a tremendously huge bill. Or both.

The federal government has made explicit and implicit promises to millions of people, but has put no money aside in order to keep those promises. Some of you may wonder where Bernie Madoff got the idea for his Ponzi scheme. Clearly he was studying federal entitlement policy.

We're looking at a huge gap between what an entire generation thinks is going to happen during its retirement years and the funds that are there - or, more accurately, are not there - to make good on all those promises.