An Overview of the U.S. Economy
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5 An Overview of the U.S. Economy Christopher Douglas, Ph.D. Associate Professor and Chair Department of Economics, UM-Flint The Economic Forum December 12, 2014
6 Quick and Dirty Overview Average 2014 net new job creation: 241,000/month 2013: 194,000/month Average 2014 economic growth: 4% for q2 and q3 Last two quarters of 2013: just under 3% November 2014 unemployment rate: 5.8% November 2013 unemployment rate: 7.0% Economic indicators have improved from the previous year, but Summer 2014 NBC/WSJ poll: 49% of Americans believe the economy is currently in a recession. Sources: U.S. Bureau of Economic Analysis and U.S. Bureau of Labor Statistics
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8 Change in GDP in Recessions and Recoveries Source: Minneapolis Federal Reserve District Bank
9 Change in Employment in Recessions and Recoveries Source: Minneapolis Federal Reserve District Bank
10 12.0% 11.4% 10.0% 10.3% 8.0% 6.0% 5.8% 4.0% 2.0% 0.0% U3 U3 if no labor force exit U6
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15 Source: Recovery has created far more low wage jobs than better paid ones, New York Times, 4/27/14
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17 20.0 Annual Auto Sales (millions of units) Source: Wards Auto Data
18 16.0% 14.0% 12.0% 10.0% Sectors as shares of the U.S. and Michigan economies (data is from 2012) 14.3% 8.0% 6.0% 4.0% 2.0% 0.0% 6.6% Durable Goods Manufacturing United States 7.6% 0.8% Automotive Manufacturing Michigan
19 $ $ Break-Even Price of Oil $/barrel $ $ $ $ $99.20 $ $ $ $ $ $ $89.00 $ $80.00 $60.00 $40.00 $20.00 $0.00 $54.00 $66.06
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21 Conclusion Expect similar performance for employment and GDP going into 2015 (absent some external shock) The budget deficit and entitlement spending continue to be problems. SSDI trust fund depleted by 2016, OASI trust fund depleted by 2033, and Medicare hospitalization trust fund depleted by 2030 Oil prices will be beneficial for the U.S. consumer and will make the 2015 geopolitical scene very interesting.
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23 Global Outlook and the Impact on the US Economy
24 Global Outlook and the Impact on the US Economy
25 Global Outlook and the Impact on the US Economy
26 Global Outlook and the Impact on the US Economy Japan s growth experience and projections
27 Global Outlook and the Impact on the US Economy Chile Malaysia Turkey Brazil Mexico Peru Colombia S. AfricaThailand Jordan China Morocco Top 10 emerging markets with largest middle class Country Middle class population China 230 million Russia 80 million Brazil 70 million Mexico 40 million Argentina 30 million Turkey 25 million Ukraine 20 million Poland 20 million India 20 million Malaysia 15 million Source: Kandogan & Johnson (2014)
28 Global Outlook and the Impact on the US Economy Opportunity: Free trade agreements TTIP -Transatlantic Trade and Investment Partnership (EU-US free trade agreement ) TPP -Trans-Pacific Partnership (Japan, Malaysia, New Zealand, Vietnam) Others?
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30 Government Financial Conditions: What Do We Know, and When Do We Know It? Bill Bergman Truth in Accounting Flint Economic Forum December 12, 2014
31 Truth in Accounting Mission to educate and empower citizens with understandable, reliable, and transparent government financial information Founded by Sheila Weinberg in A CPA, initial concern with quality/truthfulness of federal government financial reporting. Main growth in recent years analysis of 50 state governments New initiatives -- federal, as well as local, government financial reporting
32 Why do we see a need for this? Citizens not getting truthful or timely government financial reports Government reports are underreporting expenses, and debt Tax burden being shifted to future generations, as government leaders buy current electoral success without current taxes
33 the ability to run deficits lets politicians have the pleasure of spending (getting votes) without the pain of taxing (losing votes) Francis X. Cavanaugh
34 Balanced budget requirements a solution? Theory vs. reality There are words, and there are deeds
35 Why Are Balanced Budgets Unbalanced? Budgets cover a subset of all government activity Cash vs. accrual-basis accounting Debt proceeds sometimes treated as revenue, or funds expected to be available Promises/projections vs. results. There are words, and deeds.
36 So, how do we go about our mission? Financial State of the States State Data Lab New Federal Project Morning Call Reports / Articles / Outreach
37 State Data Lab Provides economic, demographic context for state government financial conditions Charting, data tools helping you compare, contrast your state with others 150+ data series, examples include population, migration patterns, labor market, GDP, legal environment, housing, employment
38 TIA State Finance Methodology Bottom line Taxpayer Burden holistic approach considers Start with reported debt on balance sheet Subtract debt related to capital assets Add off-balance sheet obligations (a lot of legwork) Subtract assets available to pay bills (assets less capital, restricted assets) On a per-taxpayer basis yields Taxpayer Burden
39 Taxpayer Burden the amount of money future taxpayers will have to pay for prior bills without corresponding benefits.
40 Taxpayer Burden --Drivers Age of the state Share of public sector workers covered by collective bargaining agreements Medicaid enrollment share of population Lawyers per capita Timeliness of financial report Voter participation Balanced budget discipline
41 Taxpayer Burden Effects Liquidity impairment in Great Recession Share of doctors taking new Medicaid patients % of nonprofits reporting late payment problems Change in Ballotpedia Quality of Life index Trust in state government Outmigration Credit ratings
42 Illinois, Michigan & Indiana
43 Taxpayer Burden
44 Interest on Debt (2005 = 1.0)
45 Trust in State Government Moody s Poll 2014
46 % Nonprofits Reporting Late Payments Problem
47 Outmigration trends
48 Timeliness of Annual Financial Report
49 Rankings SBEC Business Policy Index
50 What Do We Know? States systematically build taxpayer exposure, despite balanced budget requirements. Illinois and Michigan, particularly Illinois, rank poorly. Indiana a good example? Michigan moving in right direction? Are you this good, or just this lucky? Always a good question.
51 Larger cities and Balanced Budgets Indianapolis Detroit Chicago
52 $$ in millions $20 $0 -$20 -$40 -$60 -$80 -$100 -$120 -$140 -$160 Net Revenue -- Indianapolis
53 $$ in millions $200 $100 $0 -$100 -$200 -$300 -$400 -$500 Net Revenue: Indianapolis + Detroit
54 $$ in millions $200 $0 -$200 -$400 -$600 -$800 -$1,000 -$1,200 -$1,400 Net Revenue Indianapolis + Detroit + Chicago
55 Unemployment & Real Price of Gas Michigan vs. Texas UR difference (right axis) Real Price of Gas (left axis)
56 When do we know it? 190 Days to File Financial Report: US Government
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58 Days to File -- Flint vs. Michigan Flint Michigan
59 $50,000 Per-Taxpayer Burden 10 Michigan Cities $40,000 $30,000 $20,000 $10,000 $0 -$10,000 -$20,000
60 1.05 Population = Saginaw Holland Battle Creek Kalamazoo Lansing Midland Flint Jackson Grand Rapids
61 1.2 Estimated Actual Value of Taxable Property 2006 = Saginaw Holland Battle Creek Kalamazoo Lansing Midland Flint Jackson Series9
62 $20 $10 $0 -$10 -$20 -$30 -$40 -$50 -$60 -$70 -$80 Net Revenue -- Flint $ in millions
63 $150 Unrestricted Net Position -- Flint $ in millions $100 $50 $0 -$ $100 -$150 -$200
64 Change in Net Position Flint vs. 8 MI City Average ($$ in millions) City Average Flint
65 Connect with Truth in Accounting
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