budget before? i am amazed. while i am mayor we get to kick off the very first time. we're not just planning a year to your budget. we are planning out five years ahead so that the city can afford to do more things it wants to do and still keep their promise, which is that your taxes and the taxes your parents pay for do not go up extraordinarily and we still get good schools and great streets and good parts to play in and all the other wonderful things that make the city successful. thank you very much, and congratulations on joining us. [applause] >> thank you, supervisor, and thank you for the great leadership you are showing our young people by posting this today with me and for the leadership you have shown. and don't we have a great mayor in ed lee? [applause] excuse me,here is a frog in my throat. i want to thank you for being here.

vice principal, thank you as well. i understand that our treasurer is either here or will be here. is that correct? he is going to tell you something pretty exciting, and that is how you can save money for college, so listen up when he appears. i understand mario is here from the youth commission. we want to thank you, as the director, for being here. [applause] aaron, where are you? somewhere. [applause] here at lincoln, you have done something that has not been done in many places around the country, and that is, you have created an identity theft council and taught more than 200 students about the problems with identity theft. how many of you are on the

identity theft council, raise your hand. [applause] is kneel here? thank you for your leadership in bringing this council together and creating this kind of awareness among our youth. as many of you are probably already aware, more people every year are victims of identity theft than those that are victims of burglaries, attempted burglary, arson, pickpocketing, purse snatching, auto theft, shoplifting, embezzlement and fraud combined. imagine all of those crimes, add them together, and there is still more identity theft going on in this country than all those other crimes. it is a huge problem. i just heard on the tv this morning sony -- playstation --

shut down its system today because someone hacked into the system and was able to get 2.5 million names and credit card numbers. so being smart about preventing identity theft is really a huge issue and a great skill to have. if you are interested in learning more about the program, session two is one of the workshops that a that you should avail yourself of so you can learn more about identity theft. the mayor talked about the problems we are having with budgets on the city level. let me tell you about the problems we are having with budgets on a federal level. he was talking about hundreds of millions of dollars. how about talking about trillions of dollars? that is what the problem is on a federal level. $1.40 trillion is the deficit this year, and we have a debt of close to $14 trillion.

that is not fair to carry that debt so that you as young people are going to find yourself paying more money to service the debt then you are to have services in this country. that is why we have got to fix that. one of the ways we have to fix it is to stop engaging in wars that we are not paying for. [applause] i am going to test the historical wizards in the room. the hubble event two wars that we have not paid for. we have not paid for the iraq/afghanistan/libya war. we borrowed money in order to engage in those three wars. there is only one other war in the history of this country that we did not pay for, that we borrowed money in order to pay for. [inaudible] did you all hear that? [laughter] he was right.

the revolutionary war. the revolutionary war, we borrowed money from france. every other we have engaged in we paid for as we went, but we have not paid for this war or these wars, and the cost is now over $1 trillion. what is worse is that detail on that war, and i mean the fact that all those and wounded warriors that come home that have suffered traumatic brain injuries or serious injury -- the cost of providing health care to them for the rest of their lives is going to make the cost of these wars close to $3 trillion. so why am i telling you this? i am telling you this because it all relates back to you and your life, whether or not there is going to be dollars spent on the kinds of programs you want on a federal level, there will be a student loan program where -- when you are in college. we have maximized the student

loan program on a federal level by getting rid of, interestingly enough, the banks that were making $60 billion a year servicing those loans. we decided that we could do that as a federal government. so we are all looking at ways to tighten our belt. how many of you think your parents do not spend enough money on things for you? [laughter] how many of you think they are taking that money and stalking away for your college education? [laughter] you know they are. that is really what this is all about -- prioritizing what is important and putting the money away. as much as you want that new ipad 2, think about how much you will save by putting that money away, gaining some interest on it now, but using it for your college education. most kids i talk to in college to they have hundreds of thousands of dollars in loans

that they are saddled with that they end up having to pay over a long time into their adult lives. you will want to be there -- you do not want to be there. and you certainly do not want to get these credit cards that you might find at a giants game where they are going to give you a free tall, and you sign up only to find out that it is a 29% interest rate -- i love the giants, do not get me wrong. i go to as many games as i can, but we have got to be smart. whenever anyone is trying to offer you something to get you to do something relative to credit, think about it. ask them what the interest rate is. ask them how much it will cost you per month. you are going to learn a lot today, and i think it is going to be a great opportunity for you. let me just begin by telling you this -- people in this country are saddled with debt. personal debt, much like the federal government is saddled

with debt. for the longest time, we thought that we could basically put it on plastic. that has been the american way. unlike many european countries where they do not have a lot of credit, we have used the credit card in ways that we should not have. so that now, the credit card debt in this country is it hundred $66 billion. that is the equivalent -- $866 billion. that is the equivalent of every american -- man, woman, and child -- having credit card debt that equals almost $3,000. imagine $3,000 of debt that you are paying interest on every month. so you never can get out from under that. you are going to learn lots of things here today. i hope one of the most important things you learn is that money does not grow on trees. you should always have money

stocked away for emergencies and all those great new fan a gold video equipment and games and things that you want to have today, that you just have to have today -- wait a couple of days and see if you still have to have it. or that dress or those pair of shoes or that hers. more often than not, what happens to all of us is it looks great for about 20 seconds, and then we have lost interest in it. so enjoy the day, and i am delighted you are all here to gain greater experience of our financial literacy. [applause] >> we have been joined by our treasurer. i do want to give him the opportunity to say a few words. >> thank you, everyone. thank you, supervisors, mayor. it is great to be here as the city's treasurer. our office has the responsibility for handling the city's money.

that is a big job. that is a lot of money that we collect, that we spend, that we used to provide valuable services all across the city. i am excited to be your with you today because in our office, we want to do everything we can to make sure you have all the information and tools and resources to handle your money successfully. it is so important that every community, every household in our city is able to be successful, save for their future, and make themselves and their kids financially successful going forward. i'm excited to be your today. i'm going to be back in a few minutes, i understand, to introduce our keynote speaker. i am excited about that, and i will be telling you more about what we're doing in the treasurer's office to help families in san francisco and even an exciting new program helping public school system in san francisco have a chance to save for college. thanks so much for being here. learn a lot. [applause] >> i will just keep my comments

brief. i hope you do learn a lot. you're going to see a lot of financial institutions around the rim, talk to them, speak with people can talk to you about financial aid. a lot of departments might have summer job opportunities. talk to them. make sure you use all the resources today, learn about what you should be thinking about in the future. the covers woman was talking earlier about identity theft here i will tell you, i myself actually was a victim of identity theft. someone opened a cell phone account under my name just this past year, and i cannot tell you how much time it has taken for me to go and talk to credit bureaus and try to sort out the whole mess. i will just tell you, it is something that happens to a lot of people. you might not think it is you, but it is something that is good for you to start thinking about. i will not be saying anything further except to thank the people who have helped us today. principle pain, thank you for the use of your wonderful

facility -- about princ -- principal payne. in my office, tammy as the one who pulled all this

>> i am glad to see some many of you people survived the apocalypse. he is doing a great job here. i see you've. who else is here that i can recommend. could deceive from the redevelopment agency. los is here? could this deal, it is good to see you. we have a great celebration today because i get to a 0.12 commissioners, -- get to appoint 12 commissioners, about half of them are repeats. i just wanted to signify that we

got the opportunity to welcome new and existing commissioners, but to let the public know even more about what we're doing. they wanted to put together something that was in the works. making sure that we have an online ability to let the public and tell all of the positions, who is serving on them, when the terms are up. decentralized online database that represents all of the commission's and all of the appointments that we have, the terms that are about to expire at the terms continuing are now on line for the public. all your lives are going to be much more public.

we have just a diversity of the apartments and commissions to fill today. our deputy administrator is here. think you for being here. the mayor's office of housing, thank you. as henry here, too? we cover a let me. let me go through the names as we start out. thank you for being one of our new commissioners and coming aboard. your expertise has been in the private sector, making sure that the ordinary citizen has an understanding of our changes

that we want to make. how to thank you for your ability to communicate even better put goals of our department and the environment. thank you for joining the family. we have in the veterans affairs commissions, thank you for joining back up again. and chris, you and i have talked at some length. i will personally be working with the veterans commissioned this year because of what to understand even better not only the work that the commission does the what goals we have to welcome back our troops and our people who, i think they found dignity in the work for the country. can define dignity as they come back here? a lot to thank the member for working with us as well.

you and alexander are two of three women already on the commission. i know your expertise works making sure that there is a look at the health of our survivors and people coming back making sure that these people are critical to our approach. allowed to make sure that we also have dignified jobs for everyone that wants and can work. what to make sure that we are hooked up with our community colleges when we do that. thank you for agreeing to serve. our goal and a concourse authority. the key for serving again and helping us. certainly with nancy conner, thank you very much for agreeing to work with us. we're going to be working

together as well because i am so interested in making sure that the music concourse is activated for the benefit of everyone in the city and to make sure that we have good approaches, to fill that area more as we are in between the two fantastic and wonderful institutions. thank you for serving on and helping me make sure that the golden gate concords gets filled and it's done right. to the housing authority, we are challenged by some money different things that affect our economy. and with housing being as critical as it is for those economically struggling, it is important that we have

expertise. a lot to thank you for bringing your expertise interiors of commitment and your shallots and connections. lead them everywhere we can to help the housing authority. and the residence of that agency, vacuum much for of the housing authority. and of course to our new commissioners, thank you for stepping ahead and helping our report. for the many years the use serve, at the helm of their international real-estate, it will bring us tremendous talent for the port commission. think you very much for stepping up. thank you for being such a wonderful candidate for us. i want to thank supervisor scott

wiener. you identified what we could have. and the the the mta is going to be a very big challenge for anyone that serves on that. it will be one of those years of service that are very sacrificing for all of us. i know all of you love the city in some anyways had to reflect very strongly what i feel the city needs. with that, i also want to thank our rules committee of the board of supervisors for making it a very smooth the appointment process. supervisors kim, elsbernd and farrell have worked with me on the rules committee to make sure that the appointees are

transferred -- the transition to correctly. had received by unanimous vote of confidence that is very reflective of how we are administering government here. and the closeness with the board of supervisors. with that, please stand and we will take the oath and if you could raise your right hand and repeat after me, we will go through every one of your names and we will say that the commission you will be serving on that will go through that as well. [inaudible]

i do solemnly of firma the i will support and defend the constitution of the united states and the constitution of the state of california. against all enemies foreign and domestic. that will bear true faith and allegiance to the constitution of the united states and the constitution of the state of california. that i take this obligation freely. without any mental reservations. or purpose of evasion. and that i will faithfully discharge the duties upon which i'm about to enter. during such time as i hold the office.

[inaudible] congratulations.