In order to understand the argument in reports such as these it is important to understand the difference between government deficits and public debt, and also between gross and net numbers.
These proposals affect employees who have dedicated decades of service to the federal government, and in the case of the FERS supplement, employees who are required to retire early because of the physical demands of their job, including Customs and Border Protection Officers, firefighters, and air traffic controllers.
It is clear that they would reduce the ability of employees to save going forward and significantly alter the financial planning of federal workers, retirees, and their families. Our understanding is that your justification for these proposals is to bring federal employee compensation in line with the private sector.
This is a gross oversimplification of the findings and implications of that report. To further increase this differential would hamper our ability to hire experts in mission-critical areas.
Furthermore, CBO states that the scope of their analysis is limited to selected benefits, and does not include, for example, the stock options that some private-sector firms provide to their employees. We fear that these cuts are motivated by an ongoing effort to balance the budget on the backs of federal workers rather than an effort to provide a comprehensive approach to modernizing federal employee compensation.
As you know, just 17 percent of federal workers are under 35 years old, and nearly one-third of permanent career federal employees will be eligible to retire next year. At the same time, the Federal Employee Viewpoint Survey, a government wide survey conducted by the Office of Personnel Management, found that only 42 percent of federal employees feel they can recruit people with the right skills.
In the face of a potential brain drain from our federal agencies, and in a time where top talent has a wide variety of options for global employment, we feel strongly that the impact of across-the-board pay freezes and continued threats to earned benefits will be devastating to retention and recruitment.
Modernizing the federal workforce and the package of benefits offered to our federal employees is a worthy goal; however, if enacted, these proposals would not be a modernization, but would instead reverse course by making the federal government a less attractive place to work. We would welcome the opportunity to work with you in accomplishing that important goal.The national debt of the United States is the debt, or unpaid borrowed funds, carried by the federal government of the United States, which is measured as the face value of the currently outstanding Treasury securities that have been issued by the Treasury and other federal government agencies.
The terms national deficit and national surplus usually refer to the federal government budget. Budget and Budgetary Control – The Effectiveness on Local Government System. Budget and Budgetary Control – The Effectiveness on Local Government System: The development and execution of fiscal action plans, is a major public resource allocation process, reflecting a mirror image of the state in terms of social values and priorities.
This is the process of allocating resources to meet.
Dec 05, · The ambitious politicians propose multiyear paths to a balanced budget, taking perhaps six to ten years to reach balance. The reality is balancing the budget is easy. Ergo, there are only TWO ways to balance a budget so out of kilter like ours: 1) let things run rampant until the system collapses and self-balances, or 2) restore tax rates and spending to the last known point in time where we actually had a balanced budget.
The U.S. federal budget deficit for fiscal year is $ billion. FY covers October 1, , through September 30, FY covers October 1, , through September 30, The deficit occurs because the U.S.
government spending of $ trillion is . Government budget: Government budget, forecast by a government of its expenditures and revenues for a specific period of time.
In national finance, the period covered by a budget is usually a year, known as a financial or fiscal year, which may or may not correspond with the calendar year.
The word budget is .