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Full-Text Articles in Macroeconomics
Breaking The Promise: The Burden Of Unfunded Liabilities On Future Generations, Thomas Savidge
Breaking The Promise: The Burden Of Unfunded Liabilities On Future Generations, Thomas Savidge
Helm's School of Government Conference - American Revival: Citizenship & Virtue
This paper discusses the trillions of dollars in government debt accumulated by state governments as well as the costs of debt on future generations. It examines unfunded pension liabilities, unfunded other post-employment benefit (OPEB) liabilities, as well as state bonded obligations and the crowding out effect of public debt onto state budgets. The paper also discusses opportunities for reform that can help alleviate the debt burden on future generations. Data are collected from state annual comprehensive financial reports (ACFRs) as well as public pension and OPEB actuarial valuations.