PRESS RELEASE: GAO ISSUES FIRST ANNUAL REPORT ON THE FEDERAL GOVERNMENT'S FISCAL HEALTH

Washington, D.C. (January 17, 2017) – Beginning an effort to examine the nation’s fiscal heath at the start of each year, the U.S. Government Accountability Office (GAO) today issued its first annual outlook on the nation’s fiscal future. The work warns of mounting debt and other challenges, urges prompt action to address those challenges, and is designed to help inform Congress and the incoming administration. GAO encourages the development of a long-term plan that will address levels of federal spending and investments and the options to obtain needed resources.

“I remain deeply concerned about our government’s unsustainable long-term fiscal path,” said Gene Dodaro, Comptroller General of the United States and head of the GAO. “Our new report provides a frank assessment of the fiscal problems confronting the nation. Health care expenditures and net interest are now the main drivers of growing federal spending, and without policy changes, the debt-to-GDP ratio is projected to reach historic levels within 15-25 years,” he said.

“The Congress and incoming Administration face serious economic, security, and social challenges that will require difficult policy choices in the short term about the level of federal spending and investments as well as ways to obtain needed resources. They also face a government heavily leveraged in debt by historic norms and on an unsustainable long-term path. Decisions over the near term to enhance economic growth and address national policies need to be accompanied by a fiscal plan to put the national government on a more long-term sustainable path. I hope GAO’s findings will serve to sound the alarm and spur a longer-term approach to help turn things around,” Dodaro added.

Available on GAO’s website, the new report—The Nation’s Fiscal Health: Action Is Needed to Address the Federal Government’s Fiscal Future—discusses significant changes to the nation’s fiscal condition in fiscal year 2016, long-term simulations of the federal debt, and fiscal risks placing additional pressure on the federal budget. GAO also identifies steps that federal agencies can take to improve things, such as reducing improper payments; closing the tax gap; eliminating duplication, overlap, and fragmentation in federal programs; and producing better information on program and fiscal operations to strengthen decision-making.

GAO’s fiscal health report draws on the just-issued Financial Report of the U.S. Government and GAO’s audit of the government’s consolidated financial statements for fiscal years 2016 and 2015. For more information, contact Chuck Young, Managing Director of GAO Public Affairs, at youngc1@gao.gov or 202-512-4800.

#

The Government Accountability Office, known as the investigative arm of Congress, is an independent, nonpartisan agency that exists to support Congress in meeting its constitutional responsibilities. GAO also works to improve the performance of the federal government and ensure its accountability to the American people. The agency examines the use of public funds; evaluates federal programs and policies; and provides analyses, recommendations, and other assistance to help Congress make informed oversight, policy, and funding decisions. GAO provides Congress with timely information that is objective, fact-based, nonideological, fair, and balanced. GAO’s commitment to good government is reflected in its core values of accountability, integrity, and reliability.

REPORT

The Nation’s Fiscal Health: Action is Needed to Address the Federal Government’s Fiscal Future.
GAO-17-237SP, January 17
Report: U.S. GAO - The Nation's Fiscal Health: Action is Needed to Address the Federal Government's Fiscal Future
Highlights: http://www.gao.gov/assets/690/682131.pdf

Here's the one that the last POTUS inherited.

In other words, "rapidly rising healthcare costs" were going on long before ACA was passed.

U.S. GAO - State and Local Fiscal Challenges: Rising Health Care Costs Drive Long-term and Immediate Pressures

GAO was asked to provide its views on projected trends in health care costs and their effect on the long-term outlook for state and local governments in the context of the current economic environment. This statement addresses three key points: (1) the state and local government sector's long-term fiscal challenges; (2) rapidly rising health care costs which drive the sector's long-term fiscal difficulties, and (3) the considerations involved in targeting supplemental funds to states through the Medicaid program during economic downturns. To provide Congress and the public with a broader perspective on our nation's fiscal outlook, GAO previously developed a fiscal model of the state and local sector. This model enables GAO to simulate fiscal outcomes for the sector in the aggregate for several decades into the future. GAO first published the findings from the state and local fiscal model in 2007. This statement includes August 2008 data to update the simulations. This Committee and others also asked GAO to analyze strategies to help states address increased Medicaid expenditures during economic downturns. GAO simulated the provision of such supplemental assistance to states. As we previously reported, the simulation model adjusts the amount of funding states would receive based on changes in unemployment and spending on Medicaid services.

Rapidly rising health care costs are not simply a federal budget problem. Growth in health-related spending also drives the fiscal challenges facing state and local governments. The magnitude of these challenges presents long-term sustainability challenges for all levels of government. The current financial sector turmoil and broader economic conditions add to fiscal and budgetary challenges for these governments as they attempt to remain in balance.

States and localities are facing increased demand for services during a period of declining revenues and reduced access to capital. In the midst of these challenges, the federal government continues to rely on this sector for delivery of services such as Medicaid, the joint federal-state health care financing program for certain categories of low-income individuals. Our model shows that in the aggregate the state and local government sector faces growing fiscal challenges.

Incorporation of August 2008 data shows that the position of the sector has worsened since our January 2008 report. The long-term outlook presented by our state and local model is exacerbated by current economic conditions. During economic downturns, states can experience difficulties financing programs such as Medicaid. Downturns result in rising unemployment, which can increase the number of individuals eligible for Medicaid, and declining tax revenues, which can decrease revenue available to fund coverage of additional enrollees. GAO's simulation model to help states respond to these circumstances is based on assumptions under which the existing Medicaid formula would remain unchanged and add a new, separate assistance formula that would operate only during times of economic downturn. Considerations involved in such a strategy could include: (1) timing assistance so that it is delivered as soon as it is needed, (2) targeting assistance according to the extent of each state's downturn, (3) temporarily increasing federal funding so that it turns off when states' economic circumstances sufficiently improve, and (4) triggering so the starting and ending points of assistance respond to indicators of economic distress.

Death panels baby...for young and old.

Most people will use a $million worth of medical expenses in a lifetime. For a 65 y/o it's about $1,250 a month their ENTIRE lifetime. For a family of four to "break even" would be $5,000 a month. This is just $1,000,000 divided by 800, the number of months in 66 years. You need to add expenses and profit for an insurance company and now you're talking about monthly payments of $5,500 + each month forever for a family of four.

"Medicine" the industry...is just too damn expensive. It's becoming unaffordable for most of the population. The government is borrowing to cover the cost. Medical providers charge too much. "Medicine" the industry needs an overhaul.

Given the legendary opinion of government accounting/statisitcs I would only say that the devil's in the details. We do know that during the Obama years he alone increased our debt to $9.5 trillion...a billion here and a billion there and pretty soon your talking about serious money..and were not sure if that is over estimated or underestimated. What we do know is that under Obama only the 1% that progressive rally against got richer

Personal Best Regards:

Originally Posted by Guest

PRESS RELEASE: GAO ISSUES FIRST ANNUAL REPORT ON THE FEDERAL GOVERNMENT'S FISCAL HEALTH

Washington, D.C. (January 17, 2017) – Beginning an effort to examine the nation’s fiscal heath at the start of each year, the U.S. Government Accountability Office (GAO) today issued its first annual outlook on the nation’s fiscal future. The work warns of mounting debt and other challenges, urges prompt action to address those challenges, and is designed to help inform Congress and the incoming administration. GAO encourages the development of a long-term plan that will address levels of federal spending and investments and the options to obtain needed resources.

“I remain deeply concerned about our government’s unsustainable long-term fiscal path,” said Gene Dodaro, Comptroller General of the United States and head of the GAO. “Our new report provides a frank assessment of the fiscal problems confronting the nation. Health care expenditures and net interest are now the main drivers of growing federal spending, and without policy changes, the debt-to-GDP ratio is projected to reach historic levels within 15-25 years,” he said.

“The Congress and incoming Administration face serious economic, security, and social challenges that will require difficult policy choices in the short term about the level of federal spending and investments as well as ways to obtain needed resources. They also face a government heavily leveraged in debt by historic norms and on an unsustainable long-term path. Decisions over the near term to enhance economic growth and address national policies need to be accompanied by a fiscal plan to put the national government on a more long-term sustainable path. I hope GAO’s findings will serve to sound the alarm and spur a longer-term approach to help turn things around,” Dodaro added.

Available on GAO’s website, the new report—The Nation’s Fiscal Health: Action Is Needed to Address the Federal Government’s Fiscal Future—discusses significant changes to the nation’s fiscal condition in fiscal year 2016, long-term simulations of the federal debt, and fiscal risks placing additional pressure on the federal budget. GAO also identifies steps that federal agencies can take to improve things, such as reducing improper payments; closing the tax gap; eliminating duplication, overlap, and fragmentation in federal programs; and producing better information on program and fiscal operations to strengthen decision-making.

GAO’s fiscal health report draws on the just-issued Financial Report of the U.S. Government and GAO’s audit of the government’s consolidated financial statements for fiscal years 2016 and 2015. For more information, contact Chuck Young, Managing Director of GAO Public Affairs, at youngc1@gao.gov or 202-512-4800.

#

The Government Accountability Office, known as the investigative arm of Congress, is an independent, nonpartisan agency that exists to support Congress in meeting its constitutional responsibilities. GAO also works to improve the performance of the federal government and ensure its accountability to the American people. The agency examines the use of public funds; evaluates federal programs and policies; and provides analyses, recommendations, and other assistance to help Congress make informed oversight, policy, and funding decisions. GAO provides Congress with timely information that is objective, fact-based, nonideological, fair, and balanced. GAO’s commitment to good government is reflected in its core values of accountability, integrity, and reliability.

REPORT

The Nation’s Fiscal Health: Action is Needed to Address the Federal Government’s Fiscal Future.
GAO-17-237SP, January 17
Report: U.S. GAO - The Nation's Fiscal Health: Action is Needed to Address the Federal Government's Fiscal Future
Highlights: http://www.gao.gov/assets/690/682131.pdf

Sadly, in my opinion, Obama and too many of the people who voted for him think the solution to OUR PROBLEMS is to blame others. THAT ACCOMPLISHES NOTHING.
Trump is a BUSINESSMAN and has been very successful.
To be successful in business requires seeing the problems, AND FINDING AND IMPLEMENTING SOLUTIONS TO THE PROBLEMS.
No one on either side can say TRUMP does not have problems to solve. For those of you who voted for Hillary I wish to say trying to berate TRUMP will not solve OUR PROBLEMS.
Trump will take office in a few hours. Trump will find OBAMA'S UNPAID BILLS ON THE DESK.
Most of us, INCLUDING ME, simply cannot COMPREHEND what 20 trillion dollars is. We've seen attempts to explain what it is as several FREIGHT TRAINS full of hundred dollar bills. Our gross domestic product-EVERYTHING PRODUCED, SOLD ETC, IN THE US IS 18 TRILLION DOLLARS-on his departure OBAMA leaves an unpaid bill of TWENTY TRILLION DOLLARS. I've read, if we were to go on a serious austerity budget-IT WOULD TAKE THE US FORTY YEARS TO PAY THE NATIONAL DEBT.
This will affect all of us-including Americans who have not yet been born.
I've posted this before. Most of us in the villages are collecting social security. We have been FED that China is our largest creditor. First the FACT is that we owe slightly more to Japan then to China. THE RUDE SHOCK IS that together Japan and China hold 20% of our national debt-SOCIAL SECURITY HOLDS 42% OF OUR NATIONAL DEBT.
SOLUTION-in business it is bankruptcy. Social security was drained by the OBAMA ADMINISTRATION. Sooner or later our foreign creditors will say hey with TWENTY TRILLION DOLLARS IN DEBT AND WITH A GROSS DOMESTIC PRODUCT OF 18 TRILLION YOU ARE NOT A GOOD CREDIT RISK WE DEMAND HIGHER INTEREST RATES.
Hum-perhaps that is the real reason the fed must raise interest rates at a time when we simply cannot afford to pay our bills.
SOLUTION-BEATS ME.

Originally Posted by Guest

Given the legendary opinion of government accounting/statisitcs I would only say that the devil's in the details. We do know that during the Obama years he alone increased our debt to $9.5 trillion...a billion here and a billion there and pretty soon your talking about serious money..and were not sure if that is over estimated or underestimated. What we do know is that under Obama only the 1% that progressive rally against got richer

Personal Best Regards:

Obama did not increase our debt TO 9.5 TRILLION. Obama added to the already existing debt doubling it. OUR NATIONAL DEBT IS 20 TRILLION DOLLARS.

RE: the DEMOCRATIC PARTY REASONING that the TOP 1% have all the money.
The DEMOCRATIC verbiage PARROTED by the followers does not address REALITY. First of all if our government was to simply TAKE all the money that the top 1% has-NOT INCREASE TAXES SIMPLY TAKE ALL THEY HAVE-
it would not pay the 20 TRILLION DOLLARS WE NOW HAVE AS OUR NATIONAL DEBT. If, they suggest increasing taxes,
the top 1% could easily change their address to a foreign country. Mexico welcomes WEALTHY AMERICANS and will gladly exchange as many POOR as we want for them.

Originally Posted by Guest

Death panels baby...for young and old.

Most people will use a $million worth of medical expenses in a lifetime. For a 65 y/o it's about $1,250 a month their ENTIRE lifetime. For a family of four to "break even" would be $5,000 a month. This is just $1,000,000 divided by 800, the number of months in 66 years. You need to add expenses and profit for an insurance company and now you're talking about monthly payments of $5,500 + each month forever for a family of four.

"Medicine" the industry...is just too damn expensive. It's becoming unaffordable for most of the population. The government is borrowing to cover the cost. Medical providers charge too much. "Medicine" the industry needs an overhaul.

I read too much and find it impossible to fit it all together.

We euthanize our pets and call it HUMANE yet, euthanasia for humans is illegal.

We spend 80% of our medical care on people who are terminally ill. For terminal cancer the ugly truth is that you do not die from the cancer. The doctors keep giving you more and more pain killing drugs and you die from the drugs to control the pain. My father died that way. My mother in law who also had cancer was put on no food and no water-IT TOOK HER A WEEK TO DIE. You would be, you should be arrested if you did that to your pet.

I've also read that 80% of all medical care is paid for by either the government or by private insurance. We've all seen this. When, you are not the primary payer, the price is lack of choice for the care that will be provided. ALSO, were you to choose to pay for your care-SELF INSURE-you would be billed roughly 2-3x what the government or a private insurer pays for the same care.

There are no simple answers. We do not deny care to anyone EVEN IF THEY DO NOT HAVE INSURANCE OR CAN PROVE THEY CAN AND WILL PAY FOR THE COST OF THEIR CARE.

We all get sick. We all die. WE REFUSE TO FACE THE FACTS.

Originally Posted by Guest

I read too much and find it impossible to fit it all together.

We euthanize our pets and call it HUMANE yet, euthanasia for humans is illegal.

We spend 80% of our medical care on people who are terminally ill. For terminal cancer the ugly truth is that you do not die from the cancer. The doctors keep giving you more and more pain killing drugs and you die from the drugs to control the pain. My father died that way. My mother in law who also had cancer was put on no food and no water-IT TOOK HER A WEEK TO DIE. You would be, you should be arrested if you did that to your pet.

I've also read that 80% of all medical care is paid for by either the government or by private insurance. We've all seen this. When, you are not the primary payer, the price is lack of choice for the care that will be provided. ALSO, were you to choose to pay for your care-SELF INSURE-you would be billed roughly 2-3x what the government or a private insurer pays for the same care.

There are no simple answers. We do not deny care to anyone EVEN IF THEY DO NOT HAVE INSURANCE OR CAN PROVE THEY CAN AND WILL PAY FOR THE COST OF THEIR CARE.

We all get sick. We all die. WE REFUSE TO FACE THE FACTS.

"We euthanize our pets and call it HUMANE yet, euthanasia for humans is illegal."

Except for unborn babies. That's OK.

Originally Posted by Guest

I read too much and find it impossible to fit it all together.

We euthanize our pets and call it HUMANE yet, euthanasia for humans is illegal.

We spend 80% of our medical care on people who are terminally ill. For terminal cancer the ugly truth is that you do not die from the cancer. The doctors keep giving you more and more pain killing drugs and you die from the drugs to control the pain. My father died that way. My mother in law who also had cancer was put on no food and no water-IT TOOK HER A WEEK TO DIE. You would be, you should be arrested if you did that to your pet.

I've also read that 80% of all medical care is paid for by either the government or by private insurance. We've all seen this. When, you are not the primary payer, the price is lack of choice for the care that will be provided. ALSO, were you to choose to pay for your care-SELF INSURE-you would be billed roughly 2-3x what the government or a private insurer pays for the same care.

There are no simple answers. We do not deny care to anyone EVEN IF THEY DO NOT HAVE INSURANCE OR CAN PROVE THEY CAN AND WILL PAY FOR THE COST OF THEIR CARE.

We all get sick. We all die. WE REFUSE TO FACE THE FACTS.

We DO refuse to face the facts...lots of facts. Equality is one of the biggies...we're NOT equal racially, we're NOT equal gender wise.

We DO need to legalize euthanasia. We DO treat animals better. Peta should be all over starving people to death.

We'll all cost close to $1 million in healthcare costs in out lifetime. That's $1,250 without interest...800 yearly payments, 66 years... As Sue said...the biggest costs are paid for terminal cases...babies and the elderly. We try to "save" too many of each.

Death panels MUST come now that healthcare costs are so high. Remember the working people are sharing the cost of 50 million people at $1,000 a pop...$50,000,000,000 a year was added to the taxpayers burden through Obamacare.

Originally Posted by Guest

"We euthanize our pets and call it HUMANE yet, euthanasia for humans is illegal."

Except for unborn babies. That's OK.

Probably better to not be born than to be born to a mother who doesn't want you...just saying.

Abortion and birth control literally led to the demise of the white race. We stopped having kids. Stopped having ENOUGH kids anyway. Our population has been falling ever since the 60s. In 30 years, we'll be the minority...in the world...Europe is being bred out too.

Originally Posted by Guest

Given the legendary opinion of government accounting/statisitcs I would only say that the devil's in the details. We do know that during the Obama years he alone increased our debt to $9.5 trillion...a billion here and a billion there and pretty soon your talking about serious money..and were not sure if that is over estimated or underestimated. What we do know is that under Obama only the 1% that progressive rally against got richer

Personal Best Regards:

Yes we all know all about the debt Obama ran up but we also know why. Just for those with a short (selective) memory he did inherit a great recession and the banking industry that was on the brink. Just a little detail you forgot to mention.

Originally Posted by Guest

We DO refuse to face the facts...lots of facts. Equality is one of the biggies...we're NOT equal racially, we're NOT equal gender wise.

We DO need to legalize euthanasia. We DO treat animals better. Peta should be all over starving people to death.

We'll all cost close to $1 million in healthcare costs in out lifetime. That's $1,250 without interest...800 yearly payments, 66 years... As Sue said...the biggest costs are paid for terminal cases...babies and the elderly. We try to "save" too many of each.

Death panels MUST come now that healthcare costs are so high. Remember the working people are sharing the cost of 50 million people at $1,000 a pop...$50,000,000,000 a year was added to the taxpayers burden through Obamacare.



Probably better to not be born than to be born to a mother who doesn't want you...just saying.

Abortion and birth control literally led to the demise of the white race. We stopped having kids. Stopped having ENOUGH kids anyway. Our population has been falling ever since the 60s. In 30 years, we'll be the minority...in the world...Europe is being bred out too.

Pal, you're a one trick pony. Get over it. Eventually we'll all be brown (a mixture of all races). I think that'll be a good thing because one race won't be able to think they are superior simply because of the color of their skin.

Originally Posted by Guest

Yes we all know all about the debt Obama ran up but we also know why. Just for those with a short (selective) memory he did inherit a great recession and the banking industry that was on the brink. Just a little detail you forgot to mention.

A depression actually, that he covered up with debt...$10 trillion worth.

Originally Posted by Guest

Pal, you're a one trick pony. Get over it. Eventually we'll all be brown (a mixture of all races). I think that'll be a good thing because one race won't be able to think they are superior simply because of the color of their skin.

Yes, we'll all be brown living in the 3rd world. We'll ALL be brown idiots. Name me ONE "brown/black" place in the top 10 countries. How about top 25? No? Top 50? Still no? Top 100? Maybe ONE. But I doubt it, I'm too lazy to look right now.

We'll ALL be inferior...that's what you want? Nobody around to invent new technology...to run the infrastructure.

It'll be a great place to live...everywhere like MLK Blvd.
/s