US Budget

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%

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