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² The government's net position is calculated in accordance with federal accounting standards. Per these standards, net position does not include the financial value of the government's sovereign power to tax, regulate commerce, or set monetary policy, or the value of nonoperational resources, such as national and natural resources, for which the government is a steward.
³ Pursuant to federal accounting standards, for SOSI reporting, the federal government's social insurance programs include Social Security; Medicare Parts A, B, and D; DOL's Black Lung program; and the RRB.
⁴ To prevent the debt-to-GDP ratio from rising over the next 75 years, a combination of non-interest spending reductions and receipts increases that amount to 4.9 percent of GDP on average is needed (6.2 percent of GDP on average in 2021). See Financial Statement Note 24.
* Restated (see Financial Statement Note 1.V).
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EXECUTIVE SUMMARY TO THE 2022 FINANCIAL REPORT OF THE U.S. GOVERNMENT
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30—Subsequent Events for information about events that occurred after the end of the fiscal year that may affect the government’s financial results.
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Key Economic Trends
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An analysis of U.S. economic performance provides useful background when evaluating the government’s financial statements. During the last two fiscal years, the economy’s performance has been deeply affected by the COVID-19 global pandemic as well as the U.S. government’s extensive measures to provide fiscal support. Over the course of FY 2022, the economy grew below trend, following the brisk recovery of the previous fiscal year. These and other economic and financial developments are discussed in greater detail in the Financial Report.
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An Unsustainable Fiscal Path
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An important purpose of this Financial Report is to help citizens understand current fiscal policy and the importance and magnitude of policy reforms necessary to make it sustainable. A sustainable fiscal policy is defined as one where the ratio of debt held by the public to GDP (the debt-to-GDP ratio) is stable or declining over the long term. GDP measures the size of the nation’s economy in terms of the total value of all final goods and services that are produced in a year. Considering financial results relative to GDP is a useful indicator of the economy’s capacity to sustain the government’s many programs. This report presents data, including debt, as a percent of GDP to help readers assess whether current fiscal policy is sustainable. The debt-to-GDP ratio was approximately 97 percent at the end of FY 2022, down from approximately 100 percent at the end of FY 2021. The long-term fiscal projections in this report are based on the same economic and demographic assumptions that underlie the SOSI.
The current fiscal path is unsustainable. To determine if current fiscal policy is sustainable, the projections based on the assumptions discussed in the Financial Report assume current policy will continue indefinitely.¹ The projections are therefore neither forecasts nor predictions. Nevertheless, the projections demonstrate that policy changes need to be enacted for the actual financial outcomes to differ from those projected.
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Receipts, Spending, and the Debt
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Chart 5 shows historical and current policy projections for receipts, non-interest spending by major category, net interest, and total spending expressed as a percent of GDP.
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Chart 5: Historical and Current Policy Projections for Receipts, Non-interest Spending, Net Interest, and Total Spending
1980-2097
Percent of GDP
60 55 50 45 40 35 30 25 20 15 10 5 0
1980 1990 2000 2010 2020 2030 2040 2050 2060 2070 2080 2090
Total Receipts 2022 Historical Projected Primary Deficit Total Non-Interest Spending Total Spending Net Interest
+ Other Non-interest Spending
+ Defense Spending
+ Medicaid
+ Medicare
Social Security
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The primary deficit is the difference between non-interest spending and receipts. The ratio of the primary deficit to GDP is useful for gauging long-term fiscal sustainability.
The primary deficit-to-GDP ratio increased during the financial crisis of 2008 and the COVID-19 pandemic. Spending remained elevated in 2021 due to additional funding to support economic recovery, but increased receipts reduced the primary deficit-to-GDP ratio to 10.8 percent. The primary deficit-to-GDP ratio in 2022 was 3.6 percent, decreasing by 7.1 percentage points from 2021 as spending attributable to the pandemic winds down.
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¹ Current policy in the projections is based on current law, but includes extension of certain policies that expire under current law but are routinely extended or otherwise expected to continue.
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JIMA PFAS APPENDIX01 2023/09/14
Japan Inspection Instruments Manufacturer’s Association (JIMA)
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Figure 3 The degree of steam permeability ¹⁰
Fluorine elastomers are less atmospheric (nitrogen, oxygen) permeability.
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Material Temperature degree Celsius He H₂ O₂ N₂ CO₂ CH₄ C₂H₂ C₃H₈
Vinyl methyl silicone rubber (VMQ) 25 N/A 400 400 200 1600 N/A N/A 10000 or more
50 570 500 280 1550
Ethylene propylene rubber (EPDM) 25 N/A N/A 16.5 5.90 79.2 N/A N/A 91.2
50 46.6 13.7 183 246
Perfluoroelastomer (FFKM) 25 10.3 8.25 2.5 8.1 28.7 3.3 N/A N/A
Styrene butadiene rubber (SBR) 25 17.5 30.5 13 4.8 94 N/A N/A N/A
50 42 74 34.5 14.5 195
Vinylidene fluoride fluoro rubber (binary FKM) 25 2.95 4.6 1.0 0.8 3.9 0.6 N/A N/A
Vinylidene fluoride fluoro rubber (Ternary FKM) 25 2.64 4.13 1.7 0.7 1.6 0.4 N/A N/A Chloroprene Rubber (CR) 25 N/A 10.3 3.0 0.89 19.5 2.5 N/A N/A
50 28.5 10.1 3.55 56.5 9.8
nitril-butadiene rubber (Mid-high NBR) 25 9.32 12.1 2.94 0.81 23.5 N/A 18.9 26.9
50 23.4 33.7 10.5 3.58 67.9 68.3 78.3
nitril-butadiene rubber (High NBR) 25 5.2 5.42 0.73 0.18 5.67 N/A 8.25 11.2
50 14.2 17.0 3.5 1.08 22.4 19.8 33.1
butyl rubber (IIR) 25 6.4 5.5 0.99 0.25 3.94 0.6 1.28 N/A
50 17.3 17.2 4.03 1.27 14.3 3.2 5.82
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(×10⁻⁸ c c , c m/ c m²,sec,atm)
Table 8 Comparison of gas permeability of elastomer¹¹
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¹⁰ DAIKIN INDUSTRIES, LTD. (2009) Daikin Fluoropolymers Handbook, Page 109
¹¹ DAIKIN INDUSTRIES, LTD. (2009) Daikin Fluoropolymers Handbook, Page 78
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