The combined future incomes of ~160M people (and growing) can be very accurately forecast. It’s thus silly to do a balance sheet where all payables of social security are counted as liabilities but receivables of social security aren’t counted as assets.If there is reasonable doubt that the corporation issuing the bond will not be able to pay back the bond in full, or if the capital generated by the project funded the bond is insufficient to pay back the bond, then it isn't silly to consider the bond unfunded at all.
