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IFAC Annual Council Seminar November 17, 2009 David M. Walker President and CEO

-. IFAC Annual Council Seminar November 17, 2009 David M. Walker President and CEO The Peter G. Peterson Foundation and Former Comptroller General of the United States. Composition of Federal Spending. 1969. 1989. 2009. Social Security. Medicare & Medicaid. Defense. Interest.

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IFAC Annual Council Seminar November 17, 2009 David M. Walker President and CEO

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  1. - IFAC Annual Council Seminar November 17, 2009 David M. Walker President and CEO The Peter G. Peterson Foundation and Former Comptroller General of the United States

  2. Composition of Federal Spending 1969 1989 2009 Social Security Medicare & Medicaid Defense Interest All Other Spending Source: PGPF analysis of Office of Management and Budget data.

  3. Federal Spending for Mandatory and Discretionary Programs 1969 1989 2009 Discretionary Mandatory Net Interest Source: PGPF analysis of Office of Management and Budget data.

  4. Major Fiscal Exposures($ trillions) Source: PGPF analysis of 2000 and 2008 Financial Report of the United States Government. Note: Estimates for Social Security and Medicare are at present value as of January 1 of each year and all other data are as of September 30. 2009 Social Security and Medicare Trustees’ reports show implicit exposures totaling $45.8 trillion

  5. BURDEN per CAPITA $56.4Trillion =

  6. Potential Fiscal Outcomes Under Alternative Simulation Revenues and Composition of Spending as a Share of GDP Percent of GDP Revenue Source: GAO Fall 2009 analysis.

  7. Common Denominators The parallels between our current financial crisis and the federal government’s finances: • Disconnect between those who benefit and those who pay the price • Inadequate transparency regarding the nature and magnitude of risks • Too much leverage, not enough focus on cash flow,and over-reliance on credit ratings • Failure of normal oversight and risk management mechanisms

  8. The Way Forward

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