THE BUDGET AND DEFICITS
QUICKIE OVERVIEW OF THE KEY NUMBERS

For an overview and a sense of proportion only!   2010 mixed with some 2009,  Who will pay all of this? Would we allow a corporation to owe this much, especially in unfunded pension and medical care benefits?

See the specific subject for a discussion, especially  Actual Total US Debt or use link in a box below, such as Social Security, Medicare, Health Care,  Other especially relevant pieces:  Fed printing money,          
Basic premise:  Match revenue and costs by category so that we can maintain integrity and not siphon them off into other categories.  Example is Social Security.



























































































































FURTHER DETAIL: 

http://www.gpoaccess.gov/usbudget/fy11/index.html 

Wikipedia/USBudget - Good overviews and facts.


COMMENTS

The summary above is a way to get an overview and/or a quick reference of the numbers. 

The most significant number is that the debt related to government for each taxpayer is $262,000, which was generated by us being fiscally irresponsible, even to the point of stealing from social security and not being smart enough financially to avoid the big mistakes.  Congress has been doing the primary job of divvying up all the money, like a kid in a candy store,  rather than managing the finances of the country, - and things have gotten to the point of jeopardizing many of the benefits that its members have promised - there needs to be more of an educational program and more of a rational way of making decisions.


DO YOU THINK THAT WE SHOULD HAVE A PRESIDENT WHO ADDRESSES THIS?

Romney will address this and aggressively seek solutions, efficiencies, and much greater effectiveness.  That is what he does.  That is what drives him - the desire to improve things for all the people involved:  ALL AMERICANS.

To date, as of March 10, 2010, President Obama (a nice guy), has no written plan and has not addressed this in a manner to solve it.  Apparently many people are satisfied with his rhetoric and promises and generalities, but there has been no action (except for what was forced).


YET MANY POLITICIANS SEEM OBLIVIOUS








TRANSPORTATION AND RELATED "Lockbox"

IN - Gasoline taxes (18.4 cents/gal)        24.4 B
State mean average is 29.3 cents/gallon
OUT -
       - Cost - Dept of Transportation       72.5 B

California:  "Roughly $5.8 billion in highway and mass-transit funds that were diverted during the state's repeated budget crises this decade have not yet been repaid." 2008


FEDERAL DEBT (only current obligations) (to be revised, up!)
 
For government itself                            14 Tr
For Social Security benefits to be paid    6.6
For Medicare to be paid                        36.3
    Total Debt                                 56.9 Tr

US population                                      308 M
Debt per person                           $ 185,000
Debt per taxpayer                  262,000

Budget                                        $3.6 Trillion
Payments required per year per taxpayer
  assuming 217 million taxpayers
  including interest but not principal     $16,589

Bottomline:  On average, each taxpayer owes $262,000 on which he/she has to make payments, plus pay average taxes of $16,589 per year BESIDES his/her personal expenses. The numbers don't work - we don't produce enough to do that, unless we truly cut back on lifestyle AND increase productivity for higher incomes.
AMOUNT IN (Excluding Soc. Sec. & Medicare)

Income taxes - individuals             $1.061 Trillion
Income taxes - Corporations            0.222
Excise taxes                                    .077
Customs Duties                                .023
Estate and gift taxes                         .020
Deposits of earnings                          .022
Other                                               .016

   Total In (Excl. Soc. Sec., Med.) $1.441 Trillion


Current government accounting counts social security and medicare collections as general "revenue", but those are "funding" for future payouts and benefits (not true revenue!)
AMOUNT OUT

Social security                             678 B
Medicare and Medicaid (290)         743 B
     Subtotal                               1,421
Defense                                        664 billion
Homeland Security                           43
Energy                                            26

Interest on national debt*                 164 billion

    Total budget                          $ 3.6 Trillion

Items of note:
  Anti-poverty spending                      647 B
  Foreign Aid                                      26 B

Social security, Medicare, and Transportation are separated out into lockboxes
*At low interest rates!
TARP (Troubled Asset Relief Program)
Contingent loan program

Initial expected cost             $356B
Paid back
Expected additional payback

Final net cost est. 10/5/10       30B

Current cost                                      0

190B lent in bailout money
194B paid back as of June 12, 2010 

To bail out Fannie Mae and Freddie Mac: $180B
Those were the big "bad mortgage" giants.
2009 STIMULUS PACKAGE (Feb, '09)

Tax relief                                  275B
Help states with medicaid            90B
Help states with educ, etc.*         79B
Transportation improvements        43B
Energy related                            58B
Other....
   Total                                   $787B

Detail
*Saved states from layoffs and harm to educational institutions, where states hampered by lack of revenue, both due to tax revenue declining due to declining personal income and property values
ANTI-POVERTY SPENDING         $647 B
Including:
    Medicaid grants to states                    276 B
    Food stamps                                       72 B

SOCIAL SECURITY "Lockbox"

Accumulated debt for future, as of 2008 6 trillion

Per alternative source:                 Owe:   17.5 T
Trust fund, all iou's from Feds                   2.6 T
    SHORTAGE                                     14.9 T
                       
For a year:

IN - Social security taxes                637 Billion    

OUT - Social security payouts         678 

DEFICIT (brackets = deficit)             (41) B

Cost - Soc. Sec. Admin                     9.7 B

  Difference between in and out:      (48.7) B


GM "BAILOUT" - Via TARP

Total                                                49.5 B
  Only part called a loan 6.7B, paid
     back                                            6.7 B
Sale of government shares in offering  11.8 B
Still owed                                         27    B
Government's remaining 33% share
                                   in GM
(Nov. 18, 2010)

Unfunded pension liabilities                 $29 B

Similar to Romney plan, except Romney was using government guaranteed loans to assure financing would be achieved
TO MAIN PAGE
(AND LINKS)
See COMMENTS about the budget and deficits, after the numbers


LINKS TO
RELATED SECTIONS

Limiting Deficits 
Priorities For Spending
GOVERNMENT DEFICIT (excluding soc. sec., medicare)

AMOUNT IN           1.441 Trillion   66% of Out
AMOUNT OUT       2.179  Trillion 
    DEFICIT              .738 Trillion   34% 
US GROSS DOMESTIC PRODUCT   $15 Tr
National debt owed to public  6/12     15.8 Tr
TOTAL Actual Debt                         $57-106 Tr
2010 TAX ACT (STIMULUS)  12/10
   (Summary For You)


Extended income tax rates, 2 yrs.        $ 207 B
Alternative Min Tax Fix                           137 
Soc. Sec. Tax break                              112 
Expanded child tax credit                         90 
Smaller estate tax                                   68 
Help for the jobless                                  57 
Extended investment tax rates                  53
Marriage penalty relief                              27
Expanded college credit                           18

Est. Total cost                                    $ 858 B
MEDICARE LOCKBOX 

Unfunded future liabilities as of now  36.3 Tr

Income (Source)                                 499 B 
Outgo                                                 528 B

     Deficit for 2010 (est.)                      29 B

Medicaid (50% for some states, 75% for poor   
   states)                                          290 B
NUMBERS INCLUDED HERE FOR: 
(Scroll down to see)

US GDP
US Trade deficit
Debt
Government deficit
Amount In
Amount Out
Anit-Poverty Spending
Defense

Column II:

Social secuirty
Medicare
TARP (Bailout)
GM Bailout
2009 Stimulus Package
2010 Tax Act Stimulus
Transportation Related
US TRADE DEFICIT 2010                  $487 B
     For Cumulative, see: AEC 
ANNUAL DEFICIT OF ALL STATES $350B
STATE PENSION UNDERFUNDING $3 Trillion