Early exits

 

 Higher income workers take early retirement in deflationary times.  Lock in payments before facing the oncoming Fed taxes. 

That causes stress on the pension system.  It is almost a net zero except on the margins the retirees do better.

But it leaves a split and potential union rebellion, and we see some of that today. This is similar to the Swift rebellion. The cop union battles.  The Fed tax becomes law, little 'l', defacto, for a long time.