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The story of

The story of. The Fed Family. Judy. Johnny. Sally. Joe. a nd Max!. THE SITUATION. Joe has a good job and plans to retire in 5 years. . Judy stays home with the children. Johnny and Sally attend private school. Grandma had a stroke last year and is in a coma .

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The story of

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  1. The story of The Fed Family
  2. Judy Johnny Sally Joe and Max!
  3. THE SITUATION Joe has a good job and plans to retire in 5 years. Judy stays home with the children. Johnnyand Sallyattend private school. Grandma had a stroke last year and is in a coma.
  4. Joe has a nice income of $129,000 per year. However, the Fed Family is living beyond their means. 2010 Gross Domestic Product They have no cash and had to add over $12,000 to their credit card debt The Fed Family share of the 2010 deficit
  5. They have $79,473 in credit card debt Fed Family share of publicly held debt In order to make ends meet, Joe borrowed all the money from Grandma’s trust account: $40,149 Fed Family share of amount “borrowed” from Social Security trust fund
  6. Grandma’s estimated care at the Park Avenue Nursing Home over the next several years is: $200,000 Fed Family share of obligation to Social Security and Medicare But Joe doesn’t think he’s signed a contract, so he isn’t worried…. Some say this estimated obligation is not a liability…
  7. ... so the Fed Family got together and had a family meeting …
  8. Why do we have to pay for Grandma? The latest plan to privatize Medicare. Or is it?
  9. Great idea! But that will only save $263! Let’s not visit Aunt Frieda this Saturday! The value of $30 billion in cuts toward deficit reduction
  10. I know, I’ll go to the bank and extend our credit card limits! Unfortunately Joe’sbank is now a subsidiary of the Bank of China and won’t extend more credit until the Fed Family gets its act together! As of May 2011, China holds 36 percent of all foreign-owned Treasury Securities (16 percent of total public debt)
  11. No, we all need to chip in to get out of the mess your father got us into!
  12. THE PLAN Joe ― resigns himself to working 5 more years Johnny andSally― go to public school Max ― gets dry dog food Judy― takes a part-time job Grandma― moves to a more suitable nursing home Bank extends credit after approving a payment plan that begins to reduce the outstanding balance
  13. Historical & Current Policy Projections for the Composition of Non-interest Spending
  14. Analysis of Federal Liabilities, IntragovernmentalDebt and Social Insurance Obligations
  15. Components of the Solution
  16. Communication & Education
  17. Sustainability
  18. Transparency
  19. Ideas for Consideration Sustainability Transparency Stewardship
  20. Resources www.vscpa.com/FiscalResponsibility www.aicpa.org/WhatsAtStake http://tinyurl.com/2011CitizensGuide (PDF) http://www.fms.treas.gov/fr/index.html http://datapoint.apa.virginia.gov/
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