Gokhale examines how the US budgetary surpluses can best be managed in view of the long-term expenditure pressures that the Social Security and Medicare programmes will exert on the US federal government budget. He notes that the worsening of the American fiscal outlook in 2002 postpones but...

What are the implications of Europe's economic troubles for America? Several EU economies now face deep private and sovereign debt overhangs — a situation not unlike that in the United States, which also faces its own challenges with fiscal policy. How do the economic conditions in America and...

In this paper, we compare the total size of intertemporal public liabilities (IPLs) of several European countries and the United States. We utilize the machinery of generational accounting in order to calculate the composition of the countries IPLs, that is the sum of the explicit and implicit...

In this paper, we compare the total size of intertemporal public liabilities (IPLs) of several European countries and the United States. We utilize the machinery of generational accounting in order to calculate the composition of the countries IPLs, that is the sum of the explicit and implicit...

This paper presents a brief description of fiscal sustainability and government budget accounting issues - as they are being hotly debated in the United States. The debate is proceeding in the context of two projects underway at the Federal Accounting Standards Advisory Board (FASAB). One of...