Quote:
Originally Posted by Buckeye
I read it and fully understand the difference between the present and future. What about the future unfunded defense budget?
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What you don't understand is the difference between a budget and a pension plan.
A pension plan is designed to provide for future liabilities by putting money into it now and having that money earn more money for the future.
If a pension plan is designed to have X dollars in it today, if it doesn't have X dollars in it today it is by definition underfunded, and some future liabilities are unfunded.