Long-run Budget Projections
As stated in my prior post, the gross federal debt may give a better indication of our pending liabilities than the debt held by the public. To be more precise, however, the gross federal debt includes the debts that are currently owed to trust funds which will help deal with those liabilities. It gives no indication of liabilities that are not covered by those debts. For example, the following table can be found on page 8 of the Summary of the 2007 Annual Social Security and Medicare Trust Fund Reports : KEY DATES FOR THE TRUST FUNDS OASI DI OASDI HI ----- ----- ----- ----- First year outgo exceeds income excluding interest................ 2018 2005 2017 2007 First year outgo exceeds income including interest................ 2028 2013 2027 2011 Year trust fund assets are exhausted 2042 2026 2041 2019 OASI refers to the Old-Age and Survivors Insurance Trust Fund, DI refers ...