Well, that really hits home in Kokomo, where the old manufacturing sector is shrinking, as it is everywhere where there is a manufacturing sector in this country.

CNN: Transcript of June 'CNN Money Summit: Money & Main St.'

Mr Ralfe based his calculations on what a typical 40 year-old public sector worker would expect to receive in pensions in retirement under the older system and under the new system.

BBC: Civil service pensions 'still gold plated'

Now, however, Paul Evans is known to have promised the financial services sector that the old dysfunctional days are over.

BBC: Handcuffs