He added: "It will mean missed payrolls and rent payments and everything in between: chaos for everything from universities to non-profit charities."

Three-quarters of the funds that pay out these pensions are in surplus - which means they effectively have more money in them than needed to meet those pension payments.

They fear extortionate student-loan payments and the rise of hate crimes and political violence.

Helpline calls from people worried about debt have surged in January as energy bills rise and credit payments for Christmas spending are due.

Trump is the most devoted “deep state” capitalist in American history, given the millions his businesses have earned in foreign payments.