According to the U$.$S$.$ Debt Clock and our lecture, what does the term "unfunded liability." mean with respect to Social Security?

Multiple Choice

This happens when the government doesn't know how it will be able to pay future retirees because it is not collecting enough money

today to generate enough future income.

As people live longer, this puts an additional burden on the Social Security Trust Fund because it doesn't really know how long its

future obligation will last.

When the estimated future liabilities will be larger than the estimated future assets.

All statements listed above are essentially correct.