1. Here’s What We’re Up Against
(You, Me & Every Other American)
• the latest figures on Uncle Sam’s red ink:
the more we know, the sooner we can
brainstorm on solutions
http://www.FacingUp.org
2. Uncle Sam is going to need a lot of help paying
the bills: guess how much you owe?
Would you believe:
over $184,000 per
person and over
$483,000 for each
household in
America?
3. How did this happen?!!
The big hole in our
national wallet is the
result of three
things:
* deficits
* debt
* unfunded
liabilities
4. Deficits are the annual amount the government
spends that is more than the amount of money it
takes in (i.e., revenue) from taxes, fees and tariffs.
5. Debt is the accumulation of deficits over time
There are two kinds of debt:
Public debt: federal
government securities (for
example, Treasury bills)
purchased and held by
Americans and foreigners
Intragovernmental debt:
amounts the government
borrows from trust funds (for
example, Social Security)
6. Unfunded liabilities are benefits that the
government has promised to pay in the future,
without knowing in
advance exactly
where the money to
pay those benefits
will come from.
Social Security &
Medicare are both
unfunded liabilities.
7. Ready now? Here are the latest
government figures on how much
the federal government owes…
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13. Buckle up - - here are the latest statistics
on how the federal government is
spending its money (and why there isn’t
any left over).
14.
15.
16. – The president's budget calls for major
new spending on economic recovery,
health care reform, and energy
– Total federal spending would reach
$3.6 trillion
– Federal spending would account
for 28.1% of GDP in 2009, but is
projected to fall in later years
Source: Budget of the United States Government
Under President Obama's
budget request for 2009:
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25. How about all the money we pay in
taxes?! You’re right – the federal
government does rake in a lot of
revenue: taxes, tariffs and other fees.
Here’s a look at
the latest stats
on how much
cash the feds
take in.
26.
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28.
29. Note: OECD comparison is for total tax burden, using accepted standard among member nations.
Source: Organisation for Economic Co-Operation and Development Factbook
30. You might think the $2.1 trillion the feds took
in last year was a lot of money. And it was.
But it doesn’t begin to
compare with the size
of the deficit and
national debt.
Then there’s the
trillions spent bailing
out the failing
economy.
31. So what can we do?!
Are we doomed to
drown in debt, with
spiraling interest rates,
more vulnerability to
the actions of our
foreign lenders, and
less ability for our
government to buy the
things we need and
keep the promises it’s
made to current and
future retirees?
32. It’s a big problem, but we can solve it.
Tools for change: http://www.FacingUp.org/forum
Students Face Up To The
Nation’s Finances has
nonpartisan discussion
guides to the pros and
cons of different ways to
solve the problem, to
help citizens and
policymakers decide on a
plan for action.
33. We’ve also got interactive budget balancing
games (challenge a fellow student, rival class,
or even that team that beat you in football),
a reading list, plus live
webinars, other web
resources, an essay and
video contest with cash
prizes, and much more:
nonpartisan, free and
available online at:
http://www.FacingUp.or
g
34. For more information about
our curriculum for college students
and other citizens concerned about
the budget deficit and national
debt, please contact:
Andrew Yarrow ayarrow@publicagenda.org or
Melissa Feldsher mfeldsher@publicagenda.org
Public Agenda (http://www.publicagenda.org), publisher
of this curriculum, is a nonpartisan nonprofit organization.
35. Credits
Written and produced by Francie Grace
Charts by Jenny Choi and Sanura Weathers
Funding for Students Face Up To The Nation’s Finances
was provided by the Peter G. Peterson Foundation (PGPF.org)
Follow us on Twitter/FacingUp
