A study of the magnitudes of tax increases, transfer cuts, or reductions in government purchases that would be needed to rectify the huge imbalance in the generational stance of U.S. fiscal policy, concluding that congressionally proposed outlay reductions in nondefense and non-Social Security...

An examination of the continuing generational imbalance in U.S. fiscal policy, showing that under current policy, future generations will have to pay almost half of their lifetime labor incomes in net taxes to balance the government's book--more than 70% greater than the 28.6% today's newborns...

The authors report each country’s total intertemporal public liability as the sum of its explicit outstanding debt and the present values of its implicit liabilities—the excess of projected transfers and government purchases over tax revenues. They find rapid, persistent population aging in...

An update of the baseline generational accounts reported in the 1993 federal budget that extends the analysis to lifetime net tax rates--the taxes that a generation pays, less the Social Security and other transfer benefits that it receives, as a share of income over its entire lifetime.