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Presentation Title. > Presenter Name | Presenter Title. Fiscal Responsibility. Where are we now?. The U.S. Government’s Assets and Liabilities As of September 30, 2010. Source: A Citizen’s Guide to the 2010 Financial Report of the U.S. Government. Social Insurance Net Expenditures:.

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  1. Presentation Title > Presenter Name | Presenter Title Fiscal Responsibility

  2. Where are we now?

  3. The U.S. Government’s Assets and Liabilities As of September 30, 2010 Source: A Citizen’s Guide to the 2010 Financial Report of the U.S. Government

  4. Social Insurance Net Expenditures: Dollars in Billions Sept. 30, 2011 Estimated expenditures for future scheduled benefits over a 75-year period, net of revenues that support these programs (i.e. Payroll taxes)

  5. Analysis of Federal Debt

  6. A National Debt of $14 Trillion? Try $211 Trillion Lawrence J. Kotkoff : “If you add up all the promises that have been made for spending obligations including defense expenditures, and you subtract all the taxes that we expect to collect, the difference is $211 trillion. That’s the fiscal gap,” he says. “That’s our true indebtedness.” Courtesy of Boston University Lawrence J. Kotkoff Senior Economists, Reagan Administration

  7. Where are we going?

  8. Source: 2010 Financial Report of United States Government, U.S. Treasury Department

  9. Key Measures of State and Local Government Intergovernmental Financial Dependency

  10. Dependency Measures — Select States

  11. Potential slide on state financial statements

  12. Key Dependency Measures for Select Localities – FY 2011thousands)

  13. Key Dependency Measures for Select Localities – FY 2011(thousands)

  14. Key Dependency Measures for Select Localities – FY 2011(thousands)

  15. Local Revenues From Stimulus Package - FY 2011(thousands)

  16. Local Revenues From Stimulus Package - FY 2011(thousands)

  17. Local Revenues From Stimulus Package - FY 2011(thousands)

  18. Assessing Risks Assessing Risks

  19. Informed and Proactive

  20. vs. Reactive

  21. Become informed and proactive or reactive 3 Components of Being Proactive

  22. Communicate with Leaders

  23. Explore Reporting Options

  24. Support Shared Leadership

  25. The story of The Fed Family

  26. Judy Johnny Sally Joe and Max!

  27. 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.

  28. 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

  29. 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

  30. 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…

  31. ... so the Fed Family got together and had a family meeting …

  32. Why do we have to pay for Grandma? The latest plan to privatize Medicare. Or is it?

  33. 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

  34. 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)

  35. No, we all need to chip in to get out of the mess your father got us into!

  36. 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

  37. Historical & Current Policy Projections for the Composition of Non-interest Spending

  38. Analysis of Federal Liabilities, IntragovernmentalDebt and Social Insurance Obligations

  39. Components of the Solution

  40. Communication & Education

  41. Sustainability

  42. Transparency

  43. Ideas for Consideration • Sustainability • Transparency • Stewardship

  44. 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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