2015lecture1gachinabasics

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HOW MUCH RED INK?

COMPARING ECONOMIC AND ACCOUNTING APPROACHES TO

MEASURING GOVERNMENT DEFICIT AND DEBT

James L. Chan and Yunxiao Xu (2012)

Abstract: This paper compares the economic and accounting analytic frameworks, as well as

numbers derived from applying them, for government deficit and debt. Under the influence of

economics, the U.S. Government‟s budget deficit is measured in terms of cash receipts and

outlays. Independently, the government‟s suite of year-end consolidated financial statements

is presented under the accrual basis. In a series of comparisons using numbers for the ten-year

period starting in 2001, the paper demonstrates that delaying cash payments for services

received resulted in larger accrual-based deficits relative to cash deficits, and an accumulation

of liabilities. The paper argues that both flow and stocks measures are needed in budgeting as

in accounting.

Keywords: U.S. Government finances, cash budgeting, accrual accounting, deficit, debt

摘要：本文比较经济学和会计学针对政府赤字和债务的分析框架，以及运用两个不同

分析框架所产生的数字。在经济分析框架下，美国政府预算制度用现金支出减现金收

入来衡量赤字。独立于预算体系，覆盖全政府的年度合并财务报表采用权责发生制的

会计基础。本文对 2001 年以来十年时期的财政数字进行一系列比较，之后指出先收服

务后付现金的做法造成了相对现金赤字数字更大的权责发生制赤字和债务积累。本文

认为预算和会计一样都需要流量和存量的指标。

关键词：美国政府财务，现金预算，权责发生制会计，赤字，债务

Deficit and debt are two common fiscal indicators used by economists and accountants alike

in measuring government fiscal health. Kotlikoff (2010) recently warned that the U.S. faced a

“hidden fiscal crisis.” We argue that the fiscal crisis is „hidden‟ to those who only consult the

Budget of the US Government, because the budget projects cash deficits and Treasury debt

securities held by the public. The severity of the US government‟s fiscal problems is on

display in the year-end Consolidated Financial Statements in its Financial Reports prepared

under the accrual basis (Chan, 1999) as required by Generally Accepted Accounting

Principles promulgated by the Federal Accounting Standards Advisory...