Bill Hemmer said economists are predicting this could be the next economic catastrophe: 31 state’s employee pension plans are down $3 trillion.

According to Northwestern University, the states are on track to see financial disaster by 2030. Even if you eliminated all generous retirement deals and raised the retirement age to 74, we’d still be $1 trillion in debt.

Charlie Gasparino, senior FBN correspondent, says that the issue here is that not much can be done except re-writing the contracts, which would require both the unions and municipalities to come to the table.