Tsunami Of Unfunded Mandates

There's a tsunami of unfunded mandates over the horizon with the retirements of the baby boomers- those entitlements, along with the interest on the debt, are locked in. We couldn't outrun the red ink, even if either major political party had a plan to do so. The amount of treasuries headed for auction is going to swell rapidly, and that appetite for credit is going to either kill the dollar or drive long bond yields sky high.