A Nation in Debt
Total u.s. DebtBurdenHits $10.6Trillion,NearlyDoubleGNP
~
By Gregory S. Leong
As the nation strugglesto work its way
out of recession,Americans are feeling the
pinch of the $10.6 trillion total U.S. debt.
Fueled by record spending at all levels of
government, highly leveragedfinancing by
corporations, and record consumer credit
card spending, the debt currently amounts
to a $42,277IOU for everyman, woman, and
child in the U.S.
In the past decade,total U.S.debt from
the government, corporate non-financial
businessand household sectorshas nearly
tripled, jumping from $3.9to $10.6trillion
(seefigu,re1 and table 1). Households and
non-financial. businesseshold the largest
shares of total debt, $3.7 trillion and $3.5
trillion respectively (see'figu,re 2). These
amounts are more than double their 1980
levels. Yet their percentagesharesof total
debt have actually fallen slightly due to the
Figure 1
Y
Selected Calendar Years 1960-1990
12
10
the federalgovernmentis racing into indebtednessfaster than any other sector of
the economy.
The federal debt, more commonly
known as the public debt, is the accumu-
8
$Trillions6
lated amount of money and interest costs
the federal government has borrowed
throughout the years to fund budget shortfalls. Between 1981and 1991,federal government debt almost doubled as a percent-
4
2
0
1970
1975
1980
1985
1990
. Non-Financial.Households
D State/Local. Federal
Business
GovernmentsGovernment
Source:TaxFoundation
Is U.S. Debt Really Too Large?
Comparing an economy's total debt to
its total income,or GNP, revealshow well it
can support its debt level. As total income
increases,so does an economy's ability to
take on a larger amount of debt.
The total current U.S. debt burden of
$10.6trillion is almost twice the nation's $5.4
trillion GNP. Figu,re3 shows the growth in
total debt consistently outpacing total national output throughout the past decade.
is true for all categ.oriesof public and
~
pnvate debt,and by this measureaswell,
Total U.S. Debt b Sector
1960 1965
.
.
even more rapid increase of the federal
government's debt.
The federal government has been on a
spending spree,more than tripling its debt
from $743billion in 1980to $2.6trillion in
1990,increasingthe federal sliceof the total
debt from 19 to 24 percent. Stateand local
government debt has grown less rapidly,
but nevertheless,it has more than doubled
during the decade.
ageof GNP,increasingfrom27to 47percent
ofGNP.Non-financialbusinessdebtrose11
percentage points from 52 to 63 percent of
GNP, and during that same time period,
Gregory S. Leong is Director of Special Studies at the Tax Foundation.
.
Special
Report
~
2
A Nation in Debt
Table 1
Total U.S.Credit Market Debt Outstanding by Sector
Per Capita and Percent of Gross National Product
Selected Calendar Years 1960-1991
($Billionsexcept per capita)
Total Debt Outstanding
1960
1965
1970
1975
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990b
1991c
S
Federal GovernmentS
Total
Per
Capita
Percent
of GNP
$727.3
1,011.6
1,424.4
2,256.0
3,897.7
4,279.6
4,667.6
5,208.5
5,959.4
6,804.5
7,646.3
8,343.9
9,096.0
9,805.3
10,317.6
10,636.6
$4,026
5,206
6,947
10,446
17,116
18,611
20,104
22,230
25,215
28,534
31,772
34,362
37,119
39,641
41,275
42,277
141.1%
143.5
140.3
141.1
142.7
140.2
147.4
152.9
158.0
169.5
180.7
184.8
186.6
188.5
188.8
191.4
Total
Per Percent
Capita of GNP
$236.3 $1,308
262.4 1,350
300.8 1,467
446.3 2,066
742.8 3,262
830.1 3,610
991.4 4,270
1,177.9 5,027
1,376.8 5,825
1,600.4 6,711
1,815.4 7,543
1,960.3 8,073
2,117.8 8,642
2,269.4 9,175
2,450.4 9,803
2,624.7 10,432
45.9%
37.2
29.6
27.9
27.2
27.2
31.3
34.6
36.5
39.9
42.9
43.4
43.5
43.6
44.8
47.2
State/Local Governments
Total
Per Percent
Capita of GNP
$72,0
103.1
150.3
219.4
286.6
303.7
331.4
355.0
383.0
473.9
510.1
558.9
604.5
634.1
642.2
648.6
$399
531
733
1,016
1,259
1,321
1,427
1,515
1,621
1,987
2,120
2,302
2,467
2,564
2,569
2,578
14.0%
14.6
14.8
13.7
10.5
9.9
10.5
10.4
10.2
11.8
12.1
12.4
12.4
12.2
11.8
11.7
Households
Total
$218.2
343.2
471.8
750.4
1,430.2
1,549.2
1,626.3
1,791.9
2,018.8
2,296.0
2,596.1
2,879.1
3,191.5
3,501.8
3,731.8
3,860.2
Non-Financial Businesses
Per Percent
Capita of GNP
$1,208
1,.766
2,301
3,475
6,281
6,737
7,005
7,648
8,542
9,628
10,788
11,857
13,024
14,157
14,929
15,343
42.3%
48.7
46.5
46.9
52.3"
50.8
51.4
52.6
53.5
57.2
61.4
63.8
65.5
67.3
68.3
69.5
Total
$200.8
302.9
501.5
839.9
1,438.1
1,596.6
1,718.5
1,883.7
2,180.8
2,434.2
2,724.8
2,945.6
3,182.2
3,400.0
3,493.2
3,503.1
Per Percent
Capita of GNP
$1,111
1,559
2,446
3,889
6,315
6,943
7,402
8,040
9,227
10,208
11,322
12,131
12,986
13,746
13,974
13,924
39.0%
43.0
49.4
52.5
52.6
52.3
54.3
55.3
57.8
60.6
64.4
65.2
65.3
65.4
63.9
63.0
Federalgovernmentdebt excludesportionheldby FederalReserveandgovernmentagencies.
b 1990 figures based on quarterly average.
c 1991 figures based on first quarter statistics.
Source:
Board of Governors
of the Federal Reserve System,
Bureau of Economic
Analysis,
Department
of Commerce,
Bureau of the Census; and Tax Foundation
computations.
F'
2
Igure
Total U.S. Debt by Sector
1990
75%
33.86%
6.22%
1980
debtandhouseholddebtledthe
In 1990,the federalgovernment'snet
k
.
12
d
.
t
t (. t
t .d t .
pac, grOWIngat percentan
mteres paymen s meres pal ou mmus
7.35%
10percentrespectively.Thedebt
of non-financial businessesand
state/localgovernmentsslightly
outpaced GNP with rates of 9
and 8 percent respectively.
36.69%
Federal Government
0 State/Local
Governments
. Households
-~
Non-Financial
Business
.
C"",k'."'~",",,~""'-""
inhibit the nation's ability to payoff the
principal amount of the debt and reduce
funds available for consumption and investment.This is a high price to pay for the
privilege of overspending.
6%
36.90%
Source:
TaxFoundation
ample,economicgrowth is fosteredthrough
debt financing when corporations borrow
from capitalmarketsand usethoseresources
to createeconomiesof scale.
However, the ability of governmentsto
sustain debt without impeding economic
nomic stagnation. On the con- growth dependson the sizeof interest paytrary, GNP grew at the robust ments. As these payments increase,they
rate of 7.4 percent (seetable 2).
But total debt accumulated at a
10 percent rate, with all categoriesofdebtexceedingthegrowth
of GNP. Federal government
36.17%
.
.
household debt jumped from
51 percent of GNP in 1981to 70
percent in 1991.
Thefiguresabovewould not
be nearly as surprising if the
1980shad been a period of eco-
interestreceived)totaled $186.3billion. This
amounts to 15centsof every dollar spentby
the federal government compared to the 9
centsper dollar it spent on interest in 1980.
Consumers also increased their interest
payments,
..
... though not..so dramatically, by
RIsing Interest Payments
making $371.4billion m mterest payments
It is important to note that in 1990,or 10centsof every dollar spent,up
.
. not detrl. 3 centsper d011ar fr om 198o. Net mterest
all mdebtedness
IS
.
mental to the economy.For ex- payments of non-financial corporations ac-
.
Special Report
3
A Nation in Debt
counted for 37 percent of net cashflows in
1990,up from 25 percent in 1980(seefigure
4). (Net cash flow equals corporate profits
plus depreciationbeforeinterest and taxes.)
Unlike the federal government, state and
localgovernmentsearnedmoreinterestthan
they paid out, generating $41.6billion in
1990revenues(seetable 3).
Washington's Annual Monument:
The Federal Budget Deficit
Thefederalgovernmentled theeconomy
further into debt during the 1980swith its
record spending levels. Despite federal tax
Figure 3
Growth of Total Debt vs. Growth of GNP
16%
14%
I
---,
1980-1990
0
revenuesjumping 91 percent over the decade, federal spending has increasedat a
slightly faster rate of 94 percent,averaging
$60billion annually. Growth of spending,
with the exceptionof 1987,hasconsistently
outpacedthe rate of inflation which led to a
decadeof monumental deficits.
Starting the decadewith a $73.8billion
deficit in FY80, lawmakers nearly tripled
that in two years.Even the significant deficit reductions in FY84 and FY87 failed to
arrest the trend (seetable 4). Lawmakers
have not passeda ]Judgetthat has paid for
itself since 1969. Now with an expected
FY92budget deficit of $348billion, public
debt and its associatedinterest costs are
expected to pass the $5 trillion mark by
FY95.
While federal debt is the largest portion
-.-
of U .S.liabilities, it is by no means the total.
Total liabilities include not only the public
.
Total Debt
-
--0-
GNP
10%
d
. lli bill' .
an actuana a ties such as vet erans
compensation.In 1989,total liabilities for
debt
12'/0
but
also
accounts
payable,
pensIons,
8%
the federalgovernmenttotaled$3.77tril-
6%
4%
2%
0%
lion, $1.61trillion more than the public debt
reported
(seetableno
5).liability for SocialSeFurthermore,
curity is included in the U.S. Government
Statement
ojLiabilities.The actuarialliability
1980 1981 .1982 1983 19 4 198
0
as of September 30, 1989 was $6.08 trillion,
Source:
TaxFoundation
which representsthe present value of the
Table 2
.
.
Growth In Debt vs. Growth In GNP by Sector
Calendar Years 1980-1990
Federal State
andLocal
Total
1980
1981
1982
9.5%
9.8
9.1
Government
11.9%
11.8
19.4
4.3%
6.0
9.1
7.1
7.9
1983
1984
11.6
14.4
18.8
16.9
1985
14.2
16.2
1986
12.4
13.4
1987
1988
1989
1990
Average
9.1
9.0
7.8
5.2
10.2
8.0
8.0
7.2
8.0
12.7
Non-financial
Governments Households Business
23.7
7.6
9.6
8.2
4.9
1.3
8.1
9.1%
8.3
5.0
GNP
R
d
th
t
.
9.7%
11.0
7.6
8.9%
11.7
3.7
.
.
own approXImately 25 percent of It. Gross
public debt, including the portion held by
10.2
12.7
9.6
15.8
7.6
10.8
the Federal Reserve and governmentagen-
13.7
11.6
6.4
cies,reached$3.2trillioninFY90,or$12,827
13.1
11.9
5.4
J:
10.9
10.9
9.7
6.6
10.0
eserve
an
0
er
governmen
agenCIes
d hild '
8.1
8.0
6.7
7.9
lor every man, woman an c
ill the U ..
S
After adjusting for federal agency owner-
2.7
9.4
5.1
7.4
$8,705per capita (seetable 6).
6.8
6.7
Source: Board of Governors of the Federal Reserve System, Bureau of Economic Analysis,
Department of Commerce; and Tax Foundation computations.
;1)i~~
projectedfuture benefitpaymentsto present
participants minus the contribution still to
be made by the samegroup and their employers on their behalf.
ld bt ' t '
When I00kinga t Ie
J: d
era e ,1 ISnoteworthy that the federal government owesa
portion of the debt to itself. The Federal
.
ship, the federal debt was $2.4 trillion or
.
SpecialReport
4
A Nation in Debt
State and Local Debt
Stateand local government debt makes
up the smallest portion of the debt pie. It
totaled $648.6billion in 1990,and as a percent of GNP, state/local government debt
.
Figure 4
Interest Payments as a Percent of Outlays by Sector
remained at a fairly consistent rate of 11
percent in the past decade.Though constituting only 6 percent of total debt, it has
more than doubled from its 1981level of
$303.7billion.
In light of the current fiscal crises in
many states,debt levels for state govemmentsarelikely to grow more rapidly in the
1990sthan they did in the 1980s.
HouseholdDebt
Selected Calendar Years 1960-1990
40%
Household debt, comprised mainly of
35%
mortgagesand coLlSumer
credit,increased
30°'/0
nearly
points from
52percent
of GNP20
inpercentage
1980to 70percent
in 1990.
Consti-
25%
tuting the largest portion of total debt,
20%
15%
household debt peaked in 1990at $3.9trillion, or $15,343for everypersonin theUnited
States.
10%
The rising trend in householddebt is .
illustratedbytheincrease
in consumer
credit,
5%
.
0°;;
D
1960
1965
1970
1975
Consumer
Federal
Government
Source:
TaxFoundation
.
1980
1985
both installment and noninstallment credit
overshortandintermediate
terms.Install. Iu des Ioans pal.d over time
.
ment credIt. mc
1990
Non-Financial
Businesses
Corporate
such as credit
cards and bank loans.
, Table 3
Net Interest Payments by Sector a
Selected Calendar Years 1960-1991
($Billions)
FederalGovernment
State& LocalGovernments
Net Interest
Net
Interest
1960
1965
1970
1975
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991b
$6.8
8.4
14.1
23.0
53.3
72.4
84.6
94.3
115.6
130.1
135.6
142.3
151.3
172.0
186.3
194.3
Outlays
As a Percent
of Outlays
$93.9
125.3
207.8
364.2
615.1
703.3
781.2
835.9
895.6
985.6
1,034.8
1,071.9
1,114.2
1,187.2
1,275.7
1,261.4
7.2%
6.7
6.8
6.3
8.7
10.3
10.8
11.3
12.9
13.2
13.1
13.3
13.6
14.5
14.6
15.4
CorporateNon-FinancialC
Net Interest
Net
Interest
Outlays
$0.1
-0.3
-1.8
-4.2
-17.0
-20.1
-24.4
-26.2
-28.4
-32.4
-34.4
-34.9
-38.5
-40.2
-41.6
-42.6
$49.9
75.5
134.0
235.2
363.2
391.4
414.3
440.2
475.9
516.7
563.5
604.1
651.1
703.5
765.1
797.8
As a Percent
of Outlays
0.2%
-0.4
-1.3
-1.8
-4.7
.-5.1
-5.9
-6.0
-6.0
-6.3
-6.1
-5.8
-5.9
-5.7
-5.4
-5.3
Net
Net
Interest
$3.5
6.1
17.1
28.7
55.5
67.5
76.6
69.8
80.3
81.1
88.4
93.2
98.0
120.5
128.4
126.3
Cash
Flow ~
Consumer
Net Interest
Interest
As a Percent
of
Net Cash
Flow
All Othere
Mol1gage
10.0o~
10.3
25.7
22.3
24.5
26.9
32.0
24.9
24.7
24.0
27.2
25.0
24.0
32.2
36.8
38.0
$7.0
11.1
16.7
24.4
47.4
52.0
55.5
61.9
72.5
82.6
89.1
90.7
93.6
102.2
107.8
108.6
$7.0
11.1
16.6
32.3
77.2
89.6
100.8
113.5
129.7
143.3
151.8
162.8
176.7
196.5
263.6
n.a.
$35.0
59.2
66.5
128.8
226.3
251.3
239.2
280.3
325.2
337.5
324.9
372.2
407.5
374.2
348.6
333.0
a- Consumer sector excludes interest received.
b 1991 figures based on June 1991 data.
C
Domestic non-financial corporations.
d Net cash flow computed
by summing
e Includes interest on all consumer
Source: Bureau of Economic
undistributed
debt instruments
Analysis,
Department
profits, capital consumption
allowances,
and capital consumr-lion
except mortgages.
of Commerce
and Tax Foundation
computations.
,
",~~
--
--
adjustments.
Interest
Total
$14.0
22.2
33.3
56.7
124.6
141.6
156.3
175.4
202.2
225.9
240.9
253.5
270.3
298.7
371.4
n.a.
Personal
Outlays
$338.1
452.5
657.9
1,038.2
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,888.5
3,102.2
3,333.6
3,553.7
3,766.0
3,852.5
as a Percent
of Outlays
4.1%
4.9
5.1
5.5
7.0
7.2.
7.4
7.6
8.1
8.3
8.3
8.2
8.1
8.4
9.9
n.a.
!
Special Report
5
ANation in Debt
Table 4
Table 5
$782.3billion, up 110 percent from 1981's
level of $372.3billion. Installment credit was
Federal Government
Budget Deficits
Consolidated Statement of
Liabilities of the United States
responsiblefor the majorityof this increase
(seetable7).
Government as of
September 30 , 1989
($Billions)
The rise in consumer debt can also be
illustrated by the rapid jump in consumer
ed.
cr It card usage t hroughout t he 1980s.
While credit card spending rose93percent,
from $205.4 billion in 1980to $397.1billion
in 1988credit card debt increasedat an even
Fiscal Years 1980-1992
. .
($Blilions)
1980
Budget
Percent
Deficit
Change
$73.8
Liabilities
-
1989
Debt Issued Under Financing Authority
1981
78.9
6.9%
1982
127.9
62.1
1983
1984
207.8
185.3
62.4
-10.8
1985
1986
212.3
221 2
14.5
42
Military Personnel,
Veterans Compensation
Federal Employees Compensation
446.3
135.2
21.2
~~~~
~::.~
-3~.~
1989
153.4
-1.1
Other Pension Plans and Benefits
Accounts Payable
Interest Payable
46.5
163.7
41.4
1990e
1991
220.4
282.2
43.7
28.0
AccruedPayrolland Benefits
UnearnedRevenue
.
d
1,235.5
586.3
-
23.4
Off '
23.7
Pens}~~ and Actuarial Liabilities
CIVilian Employees
.
348.3
t b
2,165.1'
AgencyDebta
.
.
1992e
e E t.
PublicDebt
$2,188.8
f
sima ease on Ice0
Managementand Budget'sMidSessionReview.
12.5
23 2
Other Liabilities
112:2
Total Liabilities
$3:777:3
a Includesliabilities~eldby FederalDeposit
InsuranceCorporation,TennesseeValley
Source: Office of Management and
to spendmg, refers to the debit balance
amoun t cam.ed over fr om mon th t 0 mon th
(see table 8).
Non-FinancialBusiness Debt
Second
only to households, the nonfinancial businesssector is the largestbor-
rowing
Auth,ority, Dept. of,Treasury, Labor, Defense,
Interior,and Housingand UrbanDevelopment,
Source:FinancialManagementService,Department
Budget,
.
fasterrateof 122percentfrom $81.2billion
to $180billion. Credit card debt asO
.
' . Pposed
ofTreasury.
sector
in the economy.
During
a
decadefamous for leveraged buyouts and
.unk bond fin anCIng,
. debtfor non-finanCIal
..
J
businessesleaped from $1.4trillion in 1980
to $3.5trillion in 1991.
Noninstallmentcreditrefersto singlepay-
A comparisonof total debt to total eq-
ment loans such as bridge loans, service uity is a good indicator of business'ability to
credit,andAmericanExF'resscreditcharges handle debt. Debt-equity ratios reflect the
that arerequiredto bepaid in a lump sum. percentageof corporatedebtleveragedby
Current consumer credit for 1991 totals owners' equity. As business leverage inTable 6
Trends in Federal Debt
FiscalYears 1980-1991
($Billions Except Per Capita)
,,:,
~
Year
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
19918
$908.5
994.3
1,136.8
1,371.2
1,564.1
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,617.8
a
Gross Federal Debt
Public Debt
Held by
Held by
Gross Federal Debt
Per
% of
Gov't Accounts
Total
Federal Reserve
Other
$199.2
209.5
217.6
240.1
264.2
317.6
383.9
457.4
550.5
677.2
795.9
900.2
$709.3
784.8
919.2
1,131.0
1,300.0
1,499.4
1,736.2
1,888.1
2,050.3
2,190.3
2,410.4
2,717.6
$120.8
124.5
134.5
155.5
155.1
169.8
190.9
212.0
229.2
220.1
234.4
n.a.
$588.4
660.3
784.7
975.5
1,144.8
1,329.6
1,545.3
1,676.1
1,821.0
1,970.2
2,176.0
n.a.
Capita
GNP
$3,990
4,324
4,896
5,852
6,618
7,619
8,810
9,660
10,613
11,593
12,827
14,380
34.0%
33.3
36.2
41.3
42.4
46.0
50.7
53.0
54.4
55.9
59.3
64.4
Net Federal Debf
Per
% of
Capita
$2,584
2,872
3,380
4,164
4,844
5,575
6,421
6,903
.7,431
7,965
8,705
n.a.
GNP
21.5%
21.6
24.8
28.6
30.3
33.1
36.5
37.1
37.4
37.9
39.8
n.a.
a End of fiscal year.
b Net federal debt equals gross federal debt less portion held by Federal Reserve and government accounts,
Source: Office of Management and Budget, Bureau of Census, and Tax Foundation computations.
f'"""
--
.
SpecialReport
6
ANation in Debt
creases,the fear of losing potential future
investment and growth increases.In past
decades,debt-equity ratios for non-financial corporatebusinesseshave generally remained below 50 percentof equity, averaging 50percentin the 1950sand 43 percentin
the 1960s.As inflation and recession hit
during the 1970s,debt equity ratios jumped
Table 7
Total Consumer Credit
Calendar Years 1981and 1991
($Billions)
.
198119918
TotalConsumerCredit
$372.3 $782.3
InstallmentCredit
315.5 725.5
Nonfarm noncorporate business
1.9
2.4
Nonfinancial noncorporate business 15.4
Commercial Banks
147.6
Savings and loans associations
12.4
17.8
335.8
36.3
Mutual savings banks
3.8
CreditUnions
46.0
Finance
88.5
companies
6.2
90.8
The continuedcombinationof astronomith L_.J
11 1 .
.
1d fi .
. ca e crts at e It:u.era eve, mcreasmg
debt among consumers and high debt"
b '.
"
eqwty ratios among usmesseswill YIeld
record level debts and interest payments.
All
Id
to
82.1
Mutual savings banks
Conclusion
Despite the tremendous span of economic growth in the 1980s,total debt continued to outpaceGNP. Debt within every
sector of the economy has reached record
levels. In order to support future debt levels, interest payments will only increase
and result in reduced purchasing power.
154.2
SCO issuers
Noninstallment credit
Nonfarm noncorporate business
Nonfinancial noncorporate business
Commercial
Savings
and Banks
loans associations
to 73percent.ill the last decade,ratios averaged 70percent,with a low of 64 percentin
1983and a high of 76 percent in 1984(see
table 9). When businesseshave such a high
debt-equity ratio, they subject themselves
to a greater risk of failure during business
problems or recessionarytimes.
56.8
2.5
9.9
36.6
5.6
56.9
3.9
15.4
35.4
1.2
2.3
1.1
Source:
Board of Governors
System.
these
factors
could
ultimately
hinder
strong economic growth during the 1990s.
Table 9
Debt -EquI" t y Rat "10Sf or
Non-financial Corporate
Firsiquarter
estimates.
8
..
,
Businesses
of the Federal Reserve
Se Iecte d Calendar Years 1960-1990
($Millions except ratio)
Table 8
Consumer Credit Card Spending and Debt
Selected
Calendar
Years
1980-1988
($Billions except number of cards)
Number of Cards(Millions) Credit Card Spending
Credit Card Debt.
Credit Market
Debt
Market Value
Equities8
1960
1965
1970
$153.7
219.8
352.5
$354.1
553.7
648.5
43.3%
39.6
54.3
1975
1980
1~8
8~
532.8
828.8
684.3
1,293.1
77.8
64.0
926.6
970.0
1,214.8
1,382.8
76.2
70.1
1,049.4
1,223.9
1,362.4
1,570.6
1,724.6
1,899.5
2,064.8
2,177.1
1,638.7
1,617.7
2,022.6
2,332.6
2,344.0
2,576.7
3,211.4
2,925.1
64.0
75.6
67.3
67.3
73.5
73.7
64.2
74.4
1
Type of Credit card
Bank
Travel and entertainment
Retail Store
Oil company marketers
Other'
Total
1980
1985 1988
110.6 161.4 197.8
10.3 18.8 24.2
290.5 341.0 400.9
109.6 117.0 118.6
n.a.
n.a. 118.0
n.a.
n.a. 859.5
1980
1985 1988
$52.9 $125.9 $189.9
21.2
51.0
84.6
74.4
90.0
64.9
28.9
28.8 21.9
28.0
27.0 35.8
205.4 322.7 397.1
1980
$25.0
2.7
47.3
2.2
4.0
81.2
1985 1988
$65.6 $113.5
6.4
12.3
50.5 41.8
2.7
2.5
2.8
9.9
128.0 180.0
8
Includes
airline,
credit cards.
automobile
rental,
telephone
company,
hotel,
motel,
and
other
1983
1984
1985
1986
1987
1988
1989
1990
miscellaneous
8
Source: HSN Consultants Inc., Los Angeles, CA, The Nilson Report; U.S. Department of
Commerce, Bureau of the Census.
Debt-Equity
Ratio
Includes corporate farm equities.
Source: Board of Governors of the Federal Reserve
System.
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monitoring tax and fiscal activities at all levels of government since 1937.
has been
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