The stealth budget: unfunded liabilities of the federal government
AbstractThe federal budget is incomplete. Action have been taken that will require spending in the future; provision for that spending does not, however, appear in the budget accounts. As a result, stated federal spending does not reveal the total resource demands placed on the private economy and stated federal debt does not reveal the full burden that taxpayers will face in the future. The amounts involved are not trivial. Several programs had unfunded liabilities in 1989 in excess of $4 trillion, whereas the conventionally stated gross federal debt at that time was less than $3 trillion.
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Bibliographic InfoArticle provided by Federal Reserve Bank of Richmond in its journal Economic Review.
Volume (Year): (1991)
Issue (Month): May ()
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- R. Dan Brumbaugh, JR. & Andrew S. Carron & Robert E. Litan, 1989. "Cleaning Up the Depository Institutions Mess," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 20(1), pages 243-296.
- Gerald P. Dwyer, Jr. & R. W. Hafer, 1998. "The federal government's budget surplus: Cause for celebration?," Economic Review, Federal Reserve Bank of Atlanta, issue Q 3, pages 42-51.
- Wenli Li, 1998. "Government loan, guarantee, and grant programs: an evaluation," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 25-52.
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