the facts about the debt; no more empty promises a fact – based budget
DESCRIPTION
The Facts About the Debt; No More Empty Promises A Fact – Based Budget. Total Spending in FY 2010 = $3.5 Trillion (Outlays in Billions of Dollars). What Drives Our Debt? (Government Spending as Share of Economy). Who Owns Our Debt? Debt Held By Public, 1970-2010. - PowerPoint PPT PresentationTRANSCRIPT
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THE FACTS ABOUT THE DEBT;NO MORE EMPTY PROMISES
A FACT – BASED BUDGET
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TOTAL SPENDING IN FY 2010 = $3.5 TRILLION(OUTLAYS IN BILLIONS OF DOLLARS)
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1970 1978 1986 1994 2002 2010 2018 2026 2034 2042 2050 2058 2066 20740%
5%
10%
15%
20%
25%
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Health
Medicaid & Other Health
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Medicaid & Other Health
Medicaid & Other Health
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Medicaid & Other Health
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Medicare
Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare Medicare
PROJECTED TAX REVENUE
SOURCE: CBO
WHAT DRIVES OUR DEBT?(GOVERNMENT SPENDING AS SHARE OF ECONOMY)
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WHO OWNS OUR DEBT?DEBT HELD BY PUBLIC, 1970-2010
SOURCE: U.S. DEPARTMENT OF TREASURY
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THE PATH TO PROSPERITY
Efficient, Effective and Responsible Government
Strengthening the Social Safety Net
Fulfilling the Mission of Health and Retirement Security for All Americans
Pro-Growth Tax Reform
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THE CHOICE ON MEDICAREREPUBLICAN BUDGET VS OBAMA FRAMEWORK
CURRENT SENIORS
FUTURE SENIORS
No Changes
Imposes nearly $10,000 cut per senior
Uses rationing board for benefit and provider cuts
No plan to save MedicareAllows Medicare to go bankrupt in 2020
Personalized Medicare; like Members of CongressWealthy get less, sick & low income get more supportGuaranteed Medicare
plan
No Disruptions
Preserve and Protect
PATH TO PROSPERITY PRESIDENT’S PLAN
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ADDITIONAL SLIDES
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1947 1955 1963 1971 1979 1987 1995 2003 2011 2019 2027 2035 2043 2051 2059 2067 2075 208310
20
30
40
50
60
70
80
Spending Tax Revenue
WE ARE IN A SPENDING-DRIVEN DEBT CRISISHISTORIC/PROJECTED SPENDING & REVENUE AS A PERCENTAGE OF THE ECONOMY
SOURCE: OFFICE OF MANAGEMENT AND BUDGET HISTORIC TABLES, CONGRESSIONAL BUDGET OFFICE; PROJECTIONS BASED ON THE CBO’S ALTERNATIVE FISCAL SCENARIO.
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TAXPAYERS SUPPORTING EACH SOCIAL SECURITY RECIPIENT
1950
1960
2000
2009
2040
16.5
8.6
3.4
3.0
2.1
SOURCE: SOCIAL SECURITY ADMINISTRATION, THE 2010 ANNUAL REPOT OF THE BOARD OF TRUSTEES; CENTERS FOR DISEASE
CONTROL, U.S. LIFE TABLES
RECIPIENT WORKERS
LIFE EXPECTANCY
1950 68
1960 70
2000 76
2009 78
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