Might currency devaluation also explain the pension crisis in which many pensions seem to be underfunded, and becoming more so over time (i have not had a chance to sit down and contemplate this fully myself)?
The currency devaluation would come into play impacting pensions in the sense that if the current retiring workers were hired at much higher wages than their predecessors (because the money buys less, or because their union got them more money) than their contributions for much of their careers were in older, devalued dollars but their pension benefits will be paid in “newer” dollars (based on salary at retirement).