US Public Debt
|
|
|
gross |
|
|
|
|
gross |
|
end of |
public |
|
federal |
|
end of |
public |
|
federal |
|
fiscal |
debt (in |
% of |
debt (in |
% of |
fiscal |
debt (in |
% of |
debt (in |
% of |
year us$ |
millions) |
gdp |
us$ millions) |
gdp |
year |
us$ millions) |
gdp |
us$ millions) |
gdp |
1940 |
42,772 |
44.2 |
50,696 |
52.4 |
1990 |
2,411,558 |
42.0 |
3,206,290 |
55.9 |
1950 |
219,023 |
80.1 |
256,853 |
93.9 |
2000 |
3,409,804 |
35.1 |
5,628,700 |
58.0 |
1960 |
236,840 |
45.6 |
290,525 |
56.0 |
2005 |
4,592,213 |
37.4 |
7,905,300 |
64.4 |
1970 |
283,198 |
28.0 |
380,921 |
37.6 |
2006 |
4,828,973 |
37.0 |
8,451,351 |
64.7 |
1980 |
711,923 |
26.1 |
909,041 |
33.3 |
2007 |
5,049,306 |
36.7 |
9,007,653 |
65.5 |
US Governmental Spending, 1800-2007
Entries for the years prior to 1933 are based on the administrative budget concept rather than on the unified budget concept.
|
|
|
surplus |
|
federal |
federal |
or |
year1 |
income |
spending |
deficit |
1800 |
10,849 |
10,786 |
63 |
1801 |
12,935 |
9,395 |
3,541 |
1802 |
14,996 |
7,862 |
7,134 |
1803 |
11,064 |
7,852 |
3,212 |
1804 |
11,826 |
8,719 |
3,107 |
1805 |
13,561 |
10,506 |
3,054 |
1806 |
15,560 |
9,804 |
5,756 |
1807 |
16,398 |
8,354 |
8,044 |
1808 |
17,061 |
9,932 |
7,128 |
1809 |
7,773 |
10,281 |
-2,507 |
1810 |
9,384 |
8,157 |
1,228 |
1811 |
14,424 |
8,058 |
6,365 |
1812 |
9,801 |
20,281 |
-10,480 |
1813 |
14,340 |
31,682 |
-17,341 |
1814 |
11,182 |
34,721 |
-23,539 |
1815 |
15,729 |
32,708 |
-16,979 |
1816 |
47,678 |
30,587 |
17,091 |
1817 |
33,099 |
21,844 |
11,255 |
1818 |
21,585 |
19,825 |
1,760 |
1819 |
24,603 |
21,464 |
3,140 |
1820 |
17,881 |
18,261 |
-380 |
1821 |
14,573 |
15,811 |
-1,237 |
1822 |
20,232 |
15,000 |
5,232 |
1823 |
20,541 |
14,707 |
5,834 |
|
|
|
surplus |
|
federal |
federal |
or |
year1 |
income |
spending |
deficit |
1824 |
19,381 |
20,327 |
-945 |
1825 |
21,841 |
15,857 |
5,984 |
1826 |
25,260 |
17,036 |
8,225 |
1827 |
22,966 |
16,139 |
6,827 |
1828 |
24,764 |
16,395 |
8,369 |
1829 |
24,828 |
15,203 |
9,624 |
1830 |
24,844 |
15,143 |
9,701 |
1831 |
28,527 |
15,248 |
13,279 |
1832 |
31,866 |
17,289 |
14,577 |
1833 |
33,948 |
23,018 |
10,931 |
1834 |
21,792 |
18,628 |
3,164 |
1835 |
35,430 |
17,573 |
17,857 |
1836 |
50,827 |
30,868 |
19,959 |
1837 |
24,954 |
37,243 |
-12,289 |
1838 |
26,303 |
33,865 |
-7,562 |
1839 |
31,483 |
26,899 |
4,584 |
1840 |
19,480 |
24,318 |
-4,837 |
1841 |
16,860 |
26,566 |
-9,706 |
1842 |
19,976 |
25,206 |
-5,230 |
1843 |
8,303 |
11,858 |
-3,555 |
1844 |
29,321 |
22,338 |
6,984 |
1845 |
29,970 |
22,937 |
7,033 |
1846 |
29,700 |
27,767 |
1,933 |
1847 |
26,496 |
57,281 |
-30,786 |
|
|
|
surplus |
|
|
|
surplus |
|
federal |
federal |
or |
|
federal |
federal |
or |
year1 |
income |
spending |
deficit |
year1 |
income |
spending |
deficit |
1848 |
35,736 |
45,377 |
-9,641 |
1914 |
725,117 |
725,525 |
-408 |
1849 |
31,208 |
45,052 |
-13,844 |
1915 |
683,417 |
746,093 |
-62,676 |
1850 |
43,603 |
39,543 |
4,060 |
1916 |
761,445 |
712,967 |
48,478 |
1851 |
52,559 |
47,709 |
4,850 |
1917 |
1,100,500 |
1,953,857 |
-853,357 |
1852 |
49,847 |
44,195 |
5,652 |
1918 |
3,645,240 |
12,677,359 |
-9,032,120 |
1853 |
61,587 |
48,184 |
13,403 |
1919 |
5,130,042 |
18,492,665 |
-13,362,623 |
1854 |
73,800 |
58,045 |
15,755 |
1920 |
6,648,898 |
6,357,677 |
291,222 |
1855 |
65,351 |
59,743 |
5,608 |
1921 |
5,570,790 |
5,061,785 |
509,005 |
1856 |
74,057 |
69,571 |
4,486 |
1922 |
4,025,901 |
3,289,404 |
736,496 |
1857 |
68,965 |
67,796 |
1,170 |
1923 |
3,852,795 |
3,140,287 |
712,508 |
1858 |
46,655 |
74,185 |
-27,530 |
1924 |
3,871,214 |
2,907,847 |
963,367 |
1859 |
53,486 |
69,071 |
-15,585 |
1925 |
3,640,805 |
2,923,762 |
717,043 |
1860 |
56,065 |
63,131 |
-7,066 |
1926 |
3,795,108 |
2,929,964 |
865,144 |
1861 |
41,510 |
66,547 |
-25,037 |
1927 |
4,012,794 |
2,857,429 |
1,155,365 |
1862 |
51,987 |
474,762 |
-422,774 |
1928 |
3,900,329 |
2,961,245 |
939,083 |
1863 |
112,697 |
714,741 |
-602,043 |
1929 |
3,861,589 |
3,127,199 |
734,391 |
1864 |
264,627 |
865,323 |
-600,696 |
1930 |
4,057,884 |
3,320,211 |
737,673 |
1865 |
333,715 |
1,297,555 |
-963,841 |
1931 |
3,115,557 |
3,577,434 |
-461,877 |
1866 |
558,033 |
520,809 |
37,223 |
1932 |
1,923,892 |
4,659,182 |
-2,735,290 |
1867 |
490,634 |
357,543 |
133,091 |
1933 |
1,996,844 |
4,598,496 |
-2,601,652 |
1868 |
405,638 |
377,340 |
28,298 |
1934 |
2,955,000 |
6,541,000 |
-3,586,000 |
1869 |
370,944 |
322,865 |
48,078 |
1935 |
3,609,000 |
6,412,000 |
-2,803,000 |
1870 |
411,255 |
309,654 |
101,602 |
1936 |
3,923,000 |
8,228,000 |
-4,304,000 |
1871 |
383,324 |
292,177 |
91,147 |
1937 |
5,387,000 |
7,580,000 |
-2,193,000 |
1872 |
374,107 |
277,518 |
96,589 |
1938 |
6,751,000 |
6,840,000 |
-89,000 |
1873 |
333,738 |
290,345 |
43,393 |
1939 |
6,295,000 |
9,141,000 |
-2,846,000 |
1874 |
304,979 |
302,634 |
2,345 |
1940 |
6,548,000 |
9,468,000 |
-2,920,000 |
1875 |
288,000 |
274,623 |
13,377 |
1941 |
8,712,000 |
13,653,000 |
-4,941,000 |
1876 |
294,096 |
265,101 |
28,995 |
1942 |
14,634,000 |
35,137,000 |
-20,503,000 |
1877 |
281,406 |
241,334 |
40,072 |
1943 |
24,001,000 |
78,555,000 |
-54,554,000 |
1878 |
257,764 |
236,964 |
20,800 |
1944 |
43,747,000 |
91,304,000 |
-47,557,000 |
1879 |
273,827 |
266,948 |
6,879 |
1945 |
45,159,000 |
92,712,000 |
-47,553,000 |
1880 |
333,527 |
267,643 |
65,884 |
1946 |
39,296,000 |
55,232,000 |
-15,936,000 |
1881 |
360,782 |
260,713 |
100,069 |
1947 |
38,514,000 |
34,496,000 |
4,018,000 |
1882 |
403,525 |
257,981 |
145,544 |
1948 |
41,560,000 |
29,764,000 |
11,796,000 |
1883 |
398,288 |
265,408 |
132,879 |
1949 |
39,415,000 |
38,835,000 |
580,000 |
1884 |
348,520 |
244,126 |
104,394 |
1950 |
39,443,000 |
42,562,000 |
-3,119,000 |
1885 |
323,691 |
260,227 |
63,464 |
1951 |
51,616,000 |
45,514,000 |
6,102,000 |
1886 |
336,440 |
242,483 |
93,957 |
1952 |
66,167,000 |
67,686,000 |
-1,519,000 |
1887 |
371,403 |
267,932 |
103,471 |
1953 |
69,608,000 |
76,101,000 |
-6,493,000 |
1888 |
379,266 |
267,925 |
111,341 |
1954 |
69,701,000 |
70,855,000 |
-1,154,000 |
1889 |
387,050 |
299,289 |
87,761 |
1955 |
65,451,000 |
68,444,000 |
-2,993,000 |
1890 |
403,081 |
318,041 |
85,040 |
1956 |
74,587,000 |
70,640,000 |
3,947,000 |
1891 |
392,612 |
365,774 |
26,839 |
1957 |
79,990,000 |
76,578,000 |
3,412,000 |
1892 |
354,938 |
345,023 |
9,914 |
1958 |
79,636,000 |
82,405,000 |
-2,769,000 |
1893 |
385,820 |
383,478 |
2,342 |
1959 |
79,249,000 |
92,098,000 |
-12,849,000 |
1894 |
306,355 |
367,525 |
-61,170 |
1960 |
92,492,000 |
92,191,000 |
301,000 |
1895 |
324,729 |
356,195 |
-31,466 |
1961 |
94,388,000 |
97,723,000 |
-3,335,000 |
1896 |
338,142 |
352,179 |
-14,037 |
1962 |
99,676,000 |
106,821,000 |
-7,146,000 |
1897 |
347,722 |
365,774 |
-18,052 |
1963 |
106,560,000 |
111,316,000 |
-4,756,000 |
1898 |
405,321 |
443,369 |
-38,047 |
1964 |
112,613,000 |
118,528,000 |
-5,915,000 |
1899 |
515,961 |
605,072 |
-89,112 |
1965 |
116,817,000 |
118,228,000 |
-1,411,000 |
1900 |
567,241 |
520,861 |
46,380 |
1966 |
130,835,000 |
134,532,000 |
-3,698,000 |
1901 |
587,685 |
524,617 |
63,068 |
1967 |
148,822,000 |
157,464,000 |
-8,643,000 |
1902 |
562,478 |
485,234 |
77,244 |
1968 |
152,973,000 |
178,134,000 |
-25,161,000 |
1903 |
561,881 |
517,006 |
44,875 |
1969 |
186,882,000 |
183,640,000 |
3,242,000 |
1904 |
541,087 |
583,660 |
-42,573 |
1970 |
192,807,000 |
195,649,000 |
-2,842,000 |
1905 |
544,275 |
567,279 |
-23,004 |
1971 |
187,139,000 |
210,172,000 |
-23,033,000 |
1906 |
594,984 |
570,202 |
24,782 |
1972 |
207,309,000 |
230,681,000 |
-23,373,000 |
1907 |
665,860 |
579,129 |
86,732 |
1973 |
230,799,000 |
245,707,000 |
-14,908,000 |
1908 |
601,862 |
659,196 |
-57,334 |
1974 |
263,224,000 |
269,359,000 |
-6,135,000 |
1909 |
604,320 |
693,744 |
-89,423 |
1975 |
279,090,000 |
332,332,000 |
-53,242,000 |
1910 |
675,512 |
693,617 |
-18,105 |
1976 |
298,060,000 |
371,792,000 |
-73,732,000 |
1911 |
701,833 |
691,202 |
10,631 |
TQ |
81,232,000 |
95,975,000 |
-14,744,000 |
1912 |
692,609 |
689,881 |
2,728 |
1977 |
355,559,000 |
409,218,000 |
-53,659,000 |
1913 |
714,463 |
714,864 |
-401 |
1978 |
399,561,000 |
458,746,000 |
-59,185,000 |
|
surplus |
||
|
federal |
federal |
or |
year1 |
income |
spending |
deficit |
1979 |
463,302,000 |
504,028,000 |
-40,726,000 |
1980 |
517,112,000 |
590,941,000 |
-73,830,000 |
1981 |
599,272,000 |
678,241,000 |
-78,968,000 |
1982 |
617,766,000 |
745,743,000 |
-127,977,000 |
1983 |
600,562,000 |
808,364,000 |
-207,802,000 |
1984 |
666,486,000 |
851,853,000 |
-185,367,000 |
1985 |
734,088,000 |
946,396,000 |
-212,308,000 |
1986 |
769,215,000 |
990,430,000 |
-221,215,000 |
1987 |
854,353,000 |
1,004,082,000 |
-149,728,000 |
1988 |
909,303,000 |
1,064,455,000 |
-155,152,000 |
1989 |
991,190,000 |
1,143,646,000 |
-152,456,000 |
1990 |
1,031,969,000 |
1,253,165,000 |
-221,195,000 |
1991 |
1,055,041,000 |
1,324,369,000 |
-269,328,000 |
1992 |
1,091,279,000 |
1,381,655,000 |
-290,376,000 |
1993 |
1,154,401,000 |
1,409,489,000 |
-255,087,000 |
1994 |
1,258,627,000 |
1,461,877,000 |
-203,250,000 |
1995 |
1,351,830,000 |
1,515,802,000 |
-163,972,000 |
1996 |
1,453,062,000 |
1,560,535,000 |
-107,473,000 |
1997 |
1,579,292,000 |
1,601,250,000 |
-21,958,000 |
1998 |
1,721,798,000 |
1,652,585,000 |
69,213,000 |
1999 |
1,827,454,000 |
1,701,891,000 |
125,563,000 |
2000 |
2,025,218,000 |
1,788,773,000 |
236,445,000 |
2001 |
1,991,194,000 |
1,863,770,000 |
127,424,000 |
2002 |
1,853,173,000 |
2,010,970,000 |
-157,797,000 |
2003 |
1,782,342,000 |
2,157,637,000 |
-375,295,000 |
2004 |
1,880,071,000 |
2,292,215,000 |
-412,144,000 |
2005 |
2,153,859,000 |
2,472,205,000 |
-318,346,000 |
2006 |
2,407,254,000 |
2,655,435,000 |
-248,181,000 |
2007 |
2,568,239,000 |
2,730,241,000 |
-162,002,000 |
1The fiscal year ended on 31 December for the budgets from 1800 to 1842. It ended on 30 June for the budgets from 1844 through 1976 and on 30 September from fiscal year 1977. The budget figures for 1843 are for the period from 1 January to 30 June. The third quarter of 1976 was budgeted separately because of the change in the fiscal year calendar. It is referred to as the Transition Quarter (TQ).
Annual National Average Terms on Conventional Single-Family Mortgages, 1977-2006
|
contract |
initial fees |
effective term to |
mortgage |
purchase |
loan to |
|
interest |
and charges |
interest maturity |
amount |
price |
price |
year |
rate(%) |
(%) |
rate (%) (years) |
(us$’000) |
(us$’000) |
ratio (%) |
1977 |
8.82 |
1.22 |
9.02 26.3 |
36.3 |
49.6 |
75.0 |
1978 |
9.37 |
1.30 |
9.59 26.7 |
41.4 |
57.1 |
74.6 |
1979 |
10.59 |
1.50 |
10.85 27.4 |
48.2 |
67.7 |
73.5 |
1980 |
12.46 |
1.97 |
12.84 27.2 |
51.7 |
73.4 |
72.9 |
1981 |
14.39 |
2.39 |
14.91 26.4 |
53.7 |
76.3 |
73.1 |
1982 |
14.73 |
2.65 |
15.31 25.6 |
55.0 |
78.4 |
72.9 |
1983 |
12.26 |
2.39 |
12.73 26.0 |
59.9 |
83.1 |
74.5 |
1984 |
11.99 |
2.57 |
12.48 26.8 |
64.5 |
86.6 |
77.0 |
1985 |
11.17 |
2.51 |
11.64 25.9 |
70.2 |
96.1 |
75.8 |
1986 |
9.79 |
2.21 |
10.18 25.6 |
79.3 |
110.6 |
74.1 |
1987 |
8.95 |
2.08 |
9.30 26.8 |
89.1 |
121.8 |
75.2 |
1988 |
8.98 |
1.96 |
9.30 27.7 |
97.4 |
131.6 |
76.0 |
1989 |
9.81 |
1.87 |
10.13 27.7 |
104.5 |
142.8 |
74.8 |
1990 |
9.74 |
1.79 |
10.05 27.0 |
104.0 |
142.6 |
74.7 |
1991 |
9.07 |
1.58 |
9.34 26.5 |
106.3 |
146.7 |
74.4 |
1992 |
7.83 |
1.58 |
8.11 25.4 |
108.7 |
146.4 |
76.6 |
1993 |
6.93 |
1.20 |
7.13 25.5 |
107.0 |
143.1 |
77.2 |
1994 |
7.31 |
1.10 |
7.49 27.1 |
109.9 |
142.0 |
79.9 |
1995 |
7.69 |
0.97 |
7.85 27.4 |
110.4 |
142.8 |
79.9 |
1996 |
7.58 |
0.97 |
7.74 26.9 |
118.7 |
155.1 |
79.0 |
1997 |
7.52 |
0.98 |
7.68 27.5 |
126.6 |
164.5 |
79.4 |
1998 |
6.97 |
0.85 |
7.10 27.8 |
131.8 |
173.4 |
78.9 |
1999 |
7.14 |
0.74 |
7.25 28.2 |
139.3 |
184.2 |
78.5 |
2000 |
7.86 |
0.67 |
7.96 28.7 |
148.3 |
198.9 |
77.8 |
Annual National Average Terms on Conventional Single-Family Mortgages, 1977-2006
|
contract |
initial fees |
effective |
term to |
mortgage |
purchase |
loan to |
|
interest |
and charges |
interest |
maturity |
amount |
price |
price |
year |
rate(%) |
(%) |
rate (%) |
(years) |
(us$’000) |
(us$’000) |
ratio (%) |
2001 |
6.94 |
0.53 |
7.03 |
27.6 |
155.7 |
215.5 |
76.2 |
2002 |
6.44 |
0.46 |
6.51 |
27.3 |
163.4 |
231.2 |
75.1 |
2003 |
5.67 |
0.37 |
5.73 |
26.8 |
167.9 |
243.4 |
73.5 |
2004 |
5.68 |
0.40 |
5.74 |
27.9 |
185.5 |
262.0 |
74.9 |
2005 |
5.85 |
0.38 |
5.90 |
28.5 |
211.9 |
299.8 |
74.7 |
2006 |
6.52 |
0.41 |
6.58 |
29.0 |
222.3 |
306.4 |
76.5 |
US Bankruptcy Filings, 1980-2007
This table shows the number of business and nonbusiness (consumer) bankruptcy filings in the US since 1980. Bankruptcy is intended to give debtors a fresh start in managing their resources by cancelling many of their debts through a court order called a “discharge.” It is also meant to give creditors a fair share of the money that the debtors can afford to pay back.
Businesses may file for bankruptcy under chapter 11 of the IRS Code. Chapter 11 offers protection from creditor demands to a business in debt so that its officers and managers have time to reorganize in order to fulfill obligations to creditors. In some instances, creditors may receive dollar-for-dollar what the business owes them, plus interest. In others, the creditor may only receive pennies on the owed dollar.
Individuals may file for bankruptcy under either chapter 7 of the IRS Code (under which debtors may liquidate assets with the supervision of a trustee in order to receive a nearly immediate discharge of debts) or chapter 13 (under which the debtor enters into a payment plan to repay debt out of future earnings over a three-to-five-year period, with the oversight of a trustee).
year |
total |
business |
nonbusiness |
consumer filings |
|
filings |
filings |
filings |
as a percentage of total filings |
1980 |
331,264 |
43,694 |
287,570 |
86.81% |
1981 |
363,943 |
48,125 |
315,818 |
86.78% |
1982 |
380,251 |
69,300 |
310,951 |
81.78% |
1983 |
348,880 |
62,436 |
286,444 |
82.10% |
1984 |
348,521 |
64,004 |
284,517 |
81.64% |
1985 |
412,510 |
71,277 |
341,233 |
82.72% |
1986 |
530,438 |
81,235 |
449,203 |
84.69% |
1987 |
577,999 |
82,446 |
495,553 |
85.74% |
1988 |
613,465 |
63,853 |
549,612 |
89.59% |
1989 |
679,461 |
63,235 |
616,226 |
90.69% |
1990 |
782,960 |
64,853 |
718,107 |
91.72% |
1991 |
943,987 |
71,549 |
872,438 |
92.42% |
1992 |
971,517 |
70,643 |
900,874 |
92.73% |
1993 |
875,202 |
62,304 |
812,898 |
92.88% |
1994 |
832,829 |
52,374 |
780,455 |
93.71% |
1995 |
926,601 |
51,959 |
874,642 |
94.39% |
1996 |
1,178,555 |
53,549 |
1,125,006 |
95.46% |
1997 |
1,404,145 |
54,027 |
1,350,118 |
96.15% |
1998 |
1,442,549 |
44,367 |
1,398,182 |
96.92% |
1999 |
1,319,465 |
37,884 |
1,281,581 |
97.12% |
2000 |
1,253,444 |
35,472 |
1,217,972 |
97.17% |
2001 |
1,492,129 |
40,099 |
1,452,030 |
97.31% |
2002 |
1,577,651 |
38,540 |
1,539,111 |
97.56% |
2003 |
1,660,245 |
35,037 |
1,625,208 |
97.89% |
2004 |
1,597,462 |
34,317 |
1,563,145 |
97.85% |
2005 |
2,078,415 |
39,201 |
2,039,214 |
98.11% |
2006 |
617,660 |
19,695 |
597,965 |
96.81% |
2007 |
850,912 |
28,322 |
822,590 |
96.67% |