The Debt We re Leaving Our Children
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- Ilene Craig
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1 The Debt We re Leaving Our Children 1
2 Tuesday, March 31 from 7pm to 8:30pm; The Albuquerque Museum 2000 Mountain Road, NW at the edge of Old Town Albuquerque Contact: Paul J. Gessing
3 Sheila Weinberg, Founder & CEO Intro Mission Why I started the Institute Remember surpluses as far as the eye could see? Viewing of 30 minutes version of IOUSA 3
4 What Has Happened Since This Movie Was Produced? 4
5 Good News IOUSA reported savings rate below zero Personal Savings Rate is up 4.4% of disposal personal income in January 4.2% in February 5
6 Revenues 6
7 2008 Spending $2,983 Billion 2009 Spending $3,938 Billion 7
8 Projected Deficits 2008 $459 billion 2009 $1,752 billion 2013 ( Cut in half ) $533 Billion Still higher than 2008 deficit 8
9 Trillion Deficits As Far As The Eye Can See The cumulative deficit from 2010 to 2019 under the President s proposals would total $9.3 trillion. Cumulative deficit of $4.4 trillion projected under the current law assumptions embodied in CBO s. Congressional Budget Office 9
10 Where is Bail Out Money Coming From? Audience Answers Debt Increasing At Astronomical Rate 50% from Foreign Entities 10
11 Foreign Ownership of Debt % 02/ % $3,097.6 T 11
12 Not Just a Future Problem Bonds holders may not have our best interests at heart Clinton s visit to China Human rights 12
13 Up Up And Away 13
14 Increase in % of GDP Since IOUSA It took 364 Days for the debt to go from $8.5 Trillion to $9.0 Trillion (64% of GDP) 291 Days $9 T to $9.5 T One Trillion in 100 Days (July to October) $9.5 T to $10.5 T 144 Days $10.5 to $11 T (77% of GDP) 14
15 Where We Are Headed Debt at the end of Pres. Obama s first term $16,173 Trillion 96% of GDP Debt at the end of ten years $23,132 Trillion 100% of GDP 15
16 The Truth in Much Worse What We Own (in billions) Difference Assets $ 1,581 $ 1,975 $ 394 What We Owe (In billions) Difference Social Security responsibilities Medicare benefits responsibilities Military & civilian pension & retiree health Publicly held debt $16,265 $17,188 $ 923 $28,664 $31,810 $3,146 $ 4,769 $ 5,319 $ 550 $ 5,077 $ 5,836 $ 759 Other liabilities and responsibilities $ 1,073 $ 1,160 $ 87 Total debt and responsibilities $55,848 $61,313 $5,465 Where We Stand (In billions) Deterioration in Net Position Net Debt & Responsibilities $54,267 $59,338 $5,071 16
17 Where We Stand? September 30, Population 300,184,000 Median Household Income (2007) $50,233 Total Household Net Worth $56,539,900,000,000 Government s Net Debt & Responsibilities $59,338,000,000,000 Each Household s Share of Government s Fiscal Burden $518,700 Deterioration in Net Position $ 5,070,700,000,000 17
18 Need to Fix Cash Shortfall How to Fix? Need more money in Less money out What would you suggest to do these fixes? 18
19 What Can Be Done? Bill Gates and all the wealthy Americans need to send everything they own to Washington Treasury would have to put the money in an account to earn interest Then we would have enough to pay all the promises that have been made as of Sept. 30,
20 You Would Also Have To Send In Your Share 20
21 Give To Your Children & Grandchildren 21
22 What Can You Do? Realize the Government Has No Money Take Care of Yourself Financially and Health wise Stop Expecting Federal Government to Bail Us All Out Make It Politically Popular For Government Officials to be Fiscally Responsible 22
23 WHAT YOU CAN DO? Educate yourself about the true debt Go to and pgpf.org Sign up for our e newsletters 23
24 Wesites Truthin2008.org Truthinaccounting.org Our Official National Debt $11,101,201,926, The Truth $60,828,566,946, Add This to Your Site Your Share $198, Click Here Shocked? Click here to learn more about these numbers. 24
25 What Can You Do? Donate to and volunteer for the Institute for Truth in Accounting Obtain other speaking opportunities 25
26 WHAT YOU CAN DO? Educate your elected officials Educate others Tell At Least Five Friends or Family Members You are fiscally responsible Questions, comments, suggestions 26
27 Thank You!!! 27
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