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Keyword: liabilities

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  • Social Security unfunded liabilities rise to $12.5 trillion, according to trustees report

    07/14/2017 5:15:22 AM PDT · by george76 · 31 replies
    Washington Examiner ^ | Jul 13, 2017 | Joseph Lawler
    Social Security's unfunded liabilities total $12.5 trillion in present-dollar terms over a 75-year timeframe, the administration's trustees reported Thursday, an increase of $1.2 trillion from last year's estimate. The trustees report showed that Social Security's combined trust fund can only pay scheduled benefits through 2034, a projected date that is unchanged from a year ago. Medicare's trust fund, though, is in better shape than previously estimated and will run out a year later than previously anticipated, in 2029. At those dates, beneficiaries would face the prospect of an immediate cut in benefits unless policy were changed in some way to...
  • Mnuchin calls on Congress to raise debt limit as deadline approaches

    03/09/2017 8:08:40 PM PST · by Angels27 · 32 replies
    CNBC ^ | 3-9-17 | Jacob Pramuk and John W. Schoen
    Treasury Secretary Steven Mnuchin has called on Congress to raise the United States debt limit "at the first opportunity." In a letter to congressional leaders dated Wednesday, Mnuchin said the Treasury will stop issuing certain state and local securities on March 15, when the most recent suspension of the debt limit expires. Mnuchin said the Treasury will likely start taking "extraordinary measures" the next day, when the U.S. will be at its statutory limit, to prevent default. "As I said in my confirmation hearing, honoring the full faith and credit of our outstanding debt is a critical commitment. I encourage...
  • BP estimates Deepwater Horizon liabilities

    07/17/2016 9:37:05 PM PDT · by Rabin · 4 replies
    Oilpro News Desk ^ | July 15, 20162 days ago | Staff
    BP expects to take an after-tax non-operating charge of around $2.5 billion in its 2Q 2016 results, a total charge to the disaster of $61.6 billion.
  • Why Pensions Are A (Big) Black Swan – Chicago’s Unfunded Liabilities Are 10 Times Its Revenues

    07/19/2015 7:44:43 AM PDT · by george76 · 33 replies
    Investment Watch ^ | July 17, 2015 | John Rubino
    Why Pensions Are A (Big) Black Swan – Chicago’s Unfunded Liabilities Are 10 Times Its Revenues, 50% Of Their Cash That Will Have Go To Pensions. [ Full title ]. ... When talk turns to what might derail today’s debt-driven “recovery,” the big names and easy stories get most of the attention: China with its soaring debt, volatile equities and heavy-handed intervention; Japan with its stratospheric debt and science fictiony demographics; Greece, which needs no explanation; the developing countries with their weak currencies and mountain of dollar-denominated debt. And of course America’s triple bubble of stocks, bonds and derivatives. Underfunded...
  • Washington’s $210 Trillion Deficit

    03/22/2015 8:14:15 PM PDT · by concernedcitizen76 · 55 replies
    Tea Party Economist ^ | March 12, 2015 | Gary North
    You read that right: $210 trillion. A trillion here, a trillion there: pretty soon, we’re talking big money. Professor Lawrence Kotlikoff of Boston University testified before the Senate Budget Committee. As usual, his testimony is shocking The U.S. has a $210 trillion “fiscal gap” and “may well be in worse fiscal shape than any developed country, including Greece,” Boston University economist Laurence Kotlikoff told members of the Senate Budget Committee in written and oral testimony on Feb. 25. “The first point I want to get across is that our nation is broke,” Kotlikoff testified. “Our nation’s broke, and it’s not...
  • Economist Tells Congress: U.S. May Be in ‘Worse Fiscal Shape’ Than Greece

    03/10/2015 3:11:57 PM PDT · by Jan_Sobieski · 86 replies ^ | 03/09/2015 | Barbara Hollingsworth
    ( -- The U.S. has a $210 trillion “fiscal gap” and “may well be in worse fiscal shape than any developed country, including Greece,” Boston University economist Laurence Kotlikoff told members of the Senate Budget Committee in written and oral testimony on Feb. 25. “The first point I want to get across is that our nation is broke,” Kotlikoff testified. “Our nation’s broke, and it’s not broke in 75 years or 50 years or 25 years or 10 years. It’s broke today. "Indeed, it may well be in worse fiscal shape than any developed country, including Greece," he said. (See...
  • US is Bankrupt: $89.5 Tril. in US Liabilities vs. $82 Tril. in Household Net Worth & Gap is Growing.

    08/04/2014 7:19:38 PM PDT · by SeekAndFind · 29 replies
    Biderman's Money Blog ^ | 08/04/2014 | Chris Hamilton
    There are many ways to look at the United States government debt, obligations, and assets. Liabilities include Treasury debt held by the public or more broadly total Treasury debt outstanding. ThereÂ’s unfunded liabilities like Medicare and Social Security. And then the assets of all the real estate, all the equities, all the bonds, all the depositsÂ…all at todayÂ’s valuations. But letÂ’s cut straight to the bottom line and add it all upÂ…$89.5 trillion in liabilities and $82 trillion in assets. There. ItÂ’s not a secret anymoreÂ…and although these are all government numbers, for some strange reason the government never adds...
  • Is Our Debt Burden Really $100 Trillion? (probably more - 'unfunded liabilities' are a KILLER)

    01/06/2013 1:26:02 PM PST · by Libloather · 26 replies
    The Atlantic ^ | 11/28/12 | Derek Thompson
    Wanna scare somebody about America's debt on the eve of the Fiscal Cliff? I mean, really scare somebody? Here's a trick. Don't talk about the debt. Talk about "unfunded liabilities." The U.S. national debt comes out to about $16 trillion today. That's something. But it's nothing compared to the extra $87 trillion in unfunded liabilities to Social Security, Medicare, and federal pensions. Here's how that works. If you add up all of the U.S. government's promises to pay retirement and health care benefits for the next 75 years and subtract the projected tax revenue dedicated to those programs over the...
  • Bill Gross: This Deal Does Nothing, And We Still Have An "Unfathomable" $66 Trillion In Liabilities

    08/02/2011 6:35:27 AM PDT · by blam · 19 replies
    TBI ^ | 8-2-2011 | Joe Weisenthal
    Bill Gross: This Deal Does Nothing, And We Still Have An "Unfathomable" $66 Trillion In Liabilities To Deal With Joe Weisenthal Aug. 2, 2011, 7:42 AM Bill Gross's big bet against US Treasuries didn't work out well (latest yield on the 10-year is 2.70%), but nevertheless, as a gigantic bond investor his opinion on debt matters always matters... and obviously he's pretty underwhelmed by the latest "deal." Here's what scares him the most: $66 trillion in future liabilities: So, how might this be rectified? Gross sees four options: * Balance the budget/growth – The current Congressional compromise is but one...
  • “It” Is Scarier Than Anything Stephen King Has Ever Written

    01/04/2011 9:45:45 AM PST · by survivingcalifornia · 27 replies ^ | January 1, 2011 | Bobbo
    A couple of days ago I posted this original article on my blog about the huge problem coming with the 'real' national debt. Several people wanted me to post it here so I hope you find it as interesting: We here at Surviving California have been asking our friends for the last several years a question…and “it” has surprised us that no one else seems to be asking “it”. Either “it” is a very dumb question (a real possibility consider our history) or people have been in a self-induced fog preventing them from realizing the immensity of “it”. When we...
  • Government liabilities rose $2 trillion in FY 2010: Treasury

    12/21/2010 6:16:47 PM PST · by SkyPilot · 6 replies · 4+ views
    Reuters ^ | 21 Dec 10 | David Lawder
    (Reuters) - The U.S. government fell deeper into the red in fiscal 2010 with net liabilities swelling more than $2 trillion as commitments on government debt and federal benefits rose, a U.S. Treasury report showed on Tuesday. The Financial Report of the United States, which applies corporate-style accrual accounting methods to Washington, showed the government's liabilities exceeded assets by $13.473 trillion. That compared with a $11.456 trillion gap a year earlier. Unlike the normal measurement of government intake of receipts against cash outlays, accrual accounting measures costs such as interest on the debt and federal benefits payable when they are...
  • Perry: 'Social Security is Ponzi scheme'

    11/21/2010 10:15:18 AM PST · by george76 · 30 replies · 1+ views
    The Hill ^ | 11/21/10 | Gautham Nagesh -
    Republican Governors Association chairman Rick Perry (R-Texas) called Social Security a Ponzi scheme on Sunday and said young workers know they will never receive any of the money they currently pay into the fund. "What I'm saying is that between Social Security, Medicaid and Medicaid there's $106 trillion of unfunded liabilities and not one dime saved to pay for them," Perry said on Fox News Sunday. "My children who are in their 20s know that Social Security is a Ponzi scheme." When challenged by host Chris Wallace, who pointed out that when Social Security started there were seven or eight...
  • Pension Accounting Board To Government: Ignore Our Rules

    06/17/2010 7:05:11 AM PDT · by Slyscribe · 1 replies · 260+ views
    IBD's Capital Hill ^ | 6/16/2010 | Jed Graham
    The Governmental Accounting Standards Board issued preliminary reforms on Wednesday that would balloon the already massive unfunded liabilities of public pensions. But in anticipation of an outcry from budgeters and public employee unions, GASB, which sets accounting standards for state and local governments, made clear that it is only a scorekeeper, not a referee. GASB emphasized that its reforms would only apply to the financial reporting of pension liabilities, not to the way governments go about funding — or, more accurately, underfunding — their pension plans.
  • Into the Financial Abyss (US total financial liabilities five times as large as national GDP)

    03/11/2009 5:29:35 AM PDT · by SeekAndFind · 16 replies · 747+ views
    Frontpage Magazine ^ | March 11,2009 | Dr. Mark W. Hendrickson
    The U.S. Treasury recently released its “2008 Financial Report of the United States Government.” In case you had any doubts, our government’s finances are in a terrible mess. According to the report, under generally accepted accounting principles (the ones that private businesses are required by law to use), Uncle Sam’s total financial liabilities—explicit debts and unfunded obligations—exceed $65 trillion. That’s five times as large as our national GDP—a GDP, by the way, that happens to be shrinking at an alarming rate. I don’t know about you, but I find those incomprehensibly large numbers disorienting. I feel like Alice when she...
  • Duke Case Liabilities

    01/13/2007 7:20:35 AM PST · by jeddavis · 48 replies · 907+ views
    The idea that a district attorney cannot be sued is one of those theories which, in real life, can only be stretched so far. Much of what I read indicates that not only is Mike Nifong way beyond the breaking point on that one, but that the city of Durham NC itself and Duke University itself are facing major kinds of legal liabilities in the lacrosse case. An article on Lew Rockwell's site spells out the liabilities which president Brodhead and other members of the administration and faculty of Duke face. As that article notes, Duke has legal liabilities which...
  • As Workers' Pensions Wither, Those for Executives Flourish

    06/24/2006 10:28:20 AM PDT · by Tolerance Sucks Rocks · 92 replies · 1,387+ views
    Wall Street Journal ^ | June 23, 2006 | Ellen E. Schultz and Theo Francis
    This is the pension squeeze companies aren't talking about: Even as many reduce, freeze or eliminate pensions for workers -- complaining of the costs -- their executives are building up ever-bigger pensions, causing the companies' financial obligations for them to balloon. Companies disclose little about any of this. But a Wall Street Journal analysis of corporate filings reveals that executive benefits are playing a large and hidden role in the declining health of America's pensions. Among the findings: • Boosted by surging pay and rich formulas, executive pension obligations exceed $1 billion at some companies. Besides GM, they include General...
  • Pension funding crisis overstated

    09/24/2005 7:04:39 AM PDT · by Racehorse · 1 replies · 268+ views
    Warnings of a financial crisis in the nation's worker pensions system are overstated, an industry group said Friday as Congress prepared legislation to overhaul the system to protect future retirees' benefits. The liabilities of the federal agency that guarantees worker pensions, estimated at $23.3 billion at the end of 2004, are inflated by excessively low interest rate assumptions and overly conservative investment strategies, according to a report prepared for the American Benefits Council, which represents companies with defined benefit pension plans. There's no dispute that the Pension Benefit Guaranty Corp. has inherited large liabilities in recent years and a change...
  • Debt Trouble Could Be Piling Up Overseas (especially in Asia)

    09/07/2003 6:34:43 PM PDT · by TigerLikesRooster · 4 replies · 144+ views
    NYT ^ | 09/07/03 | EDMUND L. ANDREWS
    Debt Trouble Could Be Piling Up Overseas By EDMUND L. ANDREWS WASHINGTON FOR the world's poorer countries, this year has been remarkably free from financial meltdowns. Argentina, having had one-fifth of its economy evaporate in 2001, is mending fences with international creditors and slowly putting itself back together. In Brazil, where investors seemed close to a panic last year, exports are surging and the currency remains stable. The Asian and Russian meltdowns of five years ago seem like distant memories. But watch out. In a report that will be published this week, the International Monetary Fund warns that some Asian...
  • The $44 trillion hole?

    05/30/2003 9:54:00 AM PDT · by Recovering Republican · 34 replies · 453+ views
    CNN Money ^ | 5/29/2003 | Mark Gongloff
    <p>NEW YORK (CNN/Money) - Many economists worry that the U.S. federal budget deficit could approach a record $500 billion this year.</p> <p>Few, however, have grasped that the fiscal problems facing the United States could make an itty bitty $500 billion deficit look like pocket change.</p>