Eaton Vance examined each state's combined long-term obligations for those three components.
Chief executive David Nish said: "The thing that I think is really key as we look to the UK in the future is re-establishing that savings culture so that individuals do begin to accumulate more wealth for the longer term as they have to take more responsibility for their longer term obligations".
The company has more than $20bn in long-term obligations – in effect, payments for new and licensed shows and films due in the coming years – and has turned to the debt market for $10bn.
Your Dec. 26 editorial "The Looming Crisis in the States" recognizes the breadth of the calamity of accumulating deficits afflicting many states as they struggle to balance their budgets and deal with staggering long-term pension obligations for public employees.
For the definition of the term obligation, see paragraph (f)(3) of this section.
Like many experts, Smetters is not as concerned about the current deficit and debt as about the long-term obligations that include monumental sums for Social Security, Medicare and Medicaid as baby boomers age.
The report cites over $14 billion in structural debt and long-term obligations, including money bonded out for the water sewer system used by Metro Detroit, bond payments and pensions.
Holders of short-term obligations would be able to swap their notes for debt with longer maturities and backed by high-rated bonds.
A buyout program for G.M.'s union retirees would further reduce long-term obligations.
The most pressing concern for investors is Polaroid's $549 million in short-term debt, as of May 6. (It also has $424 million in long-term obligations).
But some observers questioned whether Mr. Fourtou's plan for the French pay television company would generate the cash that Vivendi needs to meet short-term obligations.
