What is important is that, despite the protestations of the pension funds, the scale of the UK nationaldebt - and many others - is still large and growing, and exerts a drag on growth in most economic models.
Indeed, a large-scale national debate has begun over debt-related litigation, prompted by the Federal Trade Commission and certain state and local officials.
He says national governments' deep spending cuts, dictated by the scale of the debt crisis, make the case for reining in EU spending all the more compelling.