Location
Economic Policy & Regulatory Burden
Level of Education
Graduate
Keywords
Public Finance, Debt, Debt Management, Sovereign Debt, State and Local Government Budgets and Expenditures, State and Local Borrowing
Presenter Names and Speeches.
Thomas Savidge-Breaking the Promise
Abstract
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.
Included in
Economic Theory Commons, Macroeconomics Commons, Political Economy Commons, Regional Economics Commons
Breaking the Promise: The Burden of Unfunded Liabilities on Future Generations
Economic Policy & Regulatory Burden
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.
