Earlier quoted context omitted.
I think this really depends on how you define unfunded liabilities. China, for example, has mostly not established liabilities because the social systems for retiring are a joke. People instead save personally and shovel those savings into real estate, but the real estate market is collapsing/collapsed because it turns out all that retirement saving driving up the median-house to median-income ratio to 40+x was not s…
Good point.
https://www.bloomberg.com/news/articles/2025-01-07/why-milli...