That benefit alone now represents a substantially larger unfunded liability over time than Social Security does.
Indeed, the exchange subsidies represent yet another unfunded liability for American taxpayers.
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Instead, they would ultimately eliminate the unfunded liability of Social Security entirely, which would be the biggest reduction in effective government debt in world history.
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"Just about everybody has an unfunded liability, " said Norris.
They impose an open-ended, unfunded liability on future taxpayers.
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Included in the annual Medicare Trustees' report are separate actuarial estimates of the unfunded liability for Medicare Part A (the hospital portion), Part B (medical insurance) and Part D (prescription drug coverage).
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One of the largest issues threatening to push states into the fiscal abyss is unfunded pension liability.
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Two studies estimate California's unfunded pension liability at about half a trillion dollars, almost seven times its official debt.
Its unfunded pension liability has shrunk by half in the past year, due to cash and stock contributions and GM's "de-risking" of its pension investment portfolio.
The country's unfunded pension liability is roughly 150% of GDP.
Given the sovereign debt turmoil in the Eurozone and the approaching debt problems for the US (as the US debt-to-GDP figures escalate over 100% by mid-2012 without accounting for state unfunded pension liability), debtor nations will find it difficult to finance large-scale consumption economies any longer.
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Roughly half of this shortfall finds its way onto the balance sheet as a liability. gm is allowed to amortize actuarial losses that make up the other half of the unfunded portion.
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