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So, for the average person, financial obligations exceed income by a ratio of more than six to one.
Unlike private pensions, which are governed by a federal law and must be insured, public retirement systems depend on government revenue if obligations exceed contributions and investment income.
8 Unfunded liability is the amount by which future payment obligations exceed the present value of funds available to pay them.
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OTB now brings in about $250 million in revenue, with operating expenses of about $125 million, but because of obligations exceeding those profits, including providing financial support for the state's racing industry and other payments to the state, it has not had enough left over to pay what it owes the city.
The present value of Social Security's unfunded obligations exceeds $8 trillion.
The Medicare Trustees tell us that Medicare's expected future obligations exceeded premiums and dedicated taxes by $89 trillion (measured in current dollars).
A report by the nonpartisan Government Accountability Office GAOO) concluded that the $1 million the administration spent on the transfer violated the law, specifically the notification provision in the NDAA and the Antideficiency Act, which prohibits federal agencies from incurring obligations exceeding an amount available in an appropriation.
First, by violating a provision in a Defense bill restricting the use of funds for the transfer of Guantanamo detainees unless Congress receives 30 days' written notice, Second, by violating the Antideficiency Act, which "prohibits federal agencies from incurring obligations exceeding an amount available in an appropriation".
The Cambridge bond obligation exceeds $300 million.
Here's my suggestion: Require that the rating of any securitized pool of obligations not exceed the rating of the least creditworthy party, unless the pool is subject to a letter of credit, insurance or other form of credit enhancement.
In fact, Washington's obligations vastly exceed the number we think of as the national debt.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com