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  "documentTitle": "2024 Bond Cap USA report 2025 exhibits",
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  "notes": "The slide uses bubble sizes to represent the magnitude of unfunded liabilities, with a specific note explaining the actuarial treatment of Medicaid.",
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      "text": "Today's Off-Balance Sheet Liabilities = Tomorrow's Debt",
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      "text": "USA Balance Sheet Liabilities Composition, F2010 F2023",
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      "kind": "disclaimer",
      "text": "Note: Medicaid funding is appropriated by Congress (from general tax revenue) on an as-needed basis every year, therefore, there is no need to maintain a contingency reserve, and, unlike Medicare, the “financial status” of the program is not in question from an actuarial perspective. In F2010, we estimated the net present value of future Medicaid spending through 2085E, assuming a 3% discount rate; for F2023, we use the BFS’s published figures. Unfunded Medicare figures shown across Parts A, B & D. Data source: Dept. of Treasury, Dept. of Health & Human Services Center for Medicare & Medicaid Services, Bureau of Fiscal Services",
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      "text": "Unfunded Liabilities: $62.7T",
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      "kind": "title",
      "text": "Since 2010, Unfunded Liabilities for Social Security Up ~320% & Medicare Up ~175%... Unfunded Liabilities ~180% Greater than 2023 USA Public Debt... Today's Off-Balance Sheet Liabilities = Tomorrow's Debt",
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      "evidence": "The report provides a cascade of implications, including the impact on the country's net worth and government spending.",
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