Fiscal gap Fiscal gap The fiscal gap is a measure of a government's total indebtedness proposed by economists Laurence Kotlikoff and Alan Auerbach, who define it as the difference between the present value of all of government's projected financial obligations, including future expenditures, including servicing outstanding official federal debt, and the present value of all projected future tax and other receipts, including income accruing from the government's current ownership of financial assets. According to Kotlikoff and Auerbach, the "fiscal gap" accounting method can be used to calculate the percentage of necessary tax increases or spending reductions needed to close the fiscal gap
Word sense Word sense In linguistics, a word sense is one of the meanings of a word (some words have multiple meanings, some words have only one meaning). For example, a dictionary may have over 50 different senses of the word "play", each of these having a different meaning based on the context of the word's usage in a sentence, as follows: In each sentence we associate a different meaning of the word "play" based on hints the rest of the sentence gives us. People and computers, as they read words, must use a process called word-sense disambiguation to find the correct