FROM: Lisa Sorani, Manager of HR Employee Services LS -
FROM: Lisa Sorani, Manager of HR Employee Services LS -
FROM: Lisa Sorani, Manager of HR Employee Services LS -
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POSSIBLE OUTCOMES: ALTERNATIVE SCENARIO 2<br />
r<br />
• Government fiscal realities and Government debt<br />
o Over the last 20 years, Government expenditures have grown at an annual rate <strong>of</strong> 4.6%<br />
o Over the past 10 years, Government expenditures have grown at an annual rate <strong>of</strong> 5.1%<br />
o While over the same time periods, Government revenue (Taxes) grew at annual rate <strong>of</strong> 3.9% and<br />
32% 3.2% respectively<br />
Government Expenditures<br />
Government Revenue<br />
4,000,000<br />
3,500,000<br />
3,000,000<br />
2,500,000<br />
2,000,000<br />
1,500,000<br />
1,000,000<br />
500,000<br />
0<br />
4,000,000<br />
3,500,000<br />
3,000,000<br />
2,500,000<br />
2,000,000<br />
1,500,000<br />
1,000,000<br />
500,000<br />
0<br />
1992<br />
1994<br />
1996<br />
1998<br />
2000<br />
2002<br />
2004<br />
2006<br />
2008<br />
2010<br />
2012<br />
1992<br />
1994<br />
1996<br />
1998<br />
2000<br />
2002<br />
2004<br />
2006<br />
2008<br />
2010<br />
2012<br />
Source: PCA, TreasuryDirect.gov<br />
Pension Consulting Alliance, Inc. ││ EBMUD Fixed Income Discussion │ 25