But in the end, he says, a "funded" liability is really no different than an "unfunded" one.
that is where i would disagree with the writer
there are also varying degrees of unfunded liabilities
and they way politicians and the government spends like a drunken sailor in a bar i would be very suspect of their fiduciary responsibility to the public
one doesn't have to look any further than what is going on right now in Suffolk county with fees to close budget shortfalls and borrowing that will effect future residents and generations.
"Recent events have shown that whether we are talking about stock in General Motors or Citicorp, money market mutual funds, or even bank deposits, it is the federal government that ultimately stands behind these 'assets,' " Kaplan said.
that is an even bigger problem which the government should not have been involved in
Then I would agree with you that unfunded vs. funded is not relevant. The real issue is should we incur these expenses.