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Unfunded Liability
A financial obligation or promised benefit for which sufficient funds have not been set aside, often relating to pensions or other post-employment benefits.
U.S. Federal Government
The national government of the United States, consisting of three branches: legislative, executive, and judicial.
Medicare
A federal program that provides for (1) compulsory hospital insurance for senior citizens, (2) low-cost voluntary insurance to help older Americans pay physicians’ fees, and (3) subsidized insurance to buy prescription drugs. Financed by payroll taxes.
Public Bureaucracies
Government agencies and departments responsible for implementing laws and policies, often characterized by defined procedures and hierarchical structures.
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