2010-08-03

OSO's Debt Watch - August 2010


GDP = $14.5977 Trillion (Current Dollar, 2010 Q2 first estimate)
Public Debt = $8.70245776640564 Trillion (2010-07-30)
Total debt owed to foreign holders of treasury securities = $3.9636 Trillion (2010-07-16)
Debt/GDP ratio = 59.59%
Foreign ownership of debt/GDP ratio = 27.15%
Population = 309,829,236 (Resident Population + Armed Forces Overseas, 2010-07-01)
GDP per capita = $47,115.31
Public Debt / person = $28,087.92
Foreign Public Debt/ person = $12,792.85
GDP per capita minus Public Debt per person = $19,027.39
Tax Receipts = $2.112888 Trillion (Twelve month moving average¹, Monthly Treasury Statement, 2010-05-01)
Tax Receipts as percentage of GDP = 14.47%
Debt/Receipt ratio² = 411.88%
Federal Government Outlays = $3.446357 Trillion (Twelve month moving average¹, Monthly Treasury Statement, 2010-06-01)
Federal Government Outlays as percentage of GDP = 23.61%
For every $1.00 the US government gains, it spends $1.63
Fiscal Surplus/Deficit = -$-1.33347 Trillion
Surplus/Deficit as percentage of GDP = -9.13%
Interest paid on Treasury Debt Securities (Gross, Twelve month moving average, Monthly Treasury Statement, 2010-05-01) = $0.417576 Trillion
Interest paid on Treasury Debt as percentage of revenue = 19.76%
Interest paid on Treasury Debt as percentage of GDP = 2.86%

Notes:
  • Debt/GDP ratio is now near 60% of GDP
  • Americans owe $7830.79 more than they did in October 2008, and $686.11 more than they did last month.
  • Increased revenue has led to a slightly smaller budget deficit.












In October 2008, GDP was $14.2003 Trillion (Current Dollar, 2008 Q4 final estimate)
In October 2008, Public Debt was $6.18964742400511 Trillion (2008-10-20)
In October 2008, the total debt owed to foreign holders of treasury securities was $2.9797 Trillion
In October 2008, the Debt/GDP ratio was 43.59%
In October 2008, the foreign ownership of debt/GDP ratio was 20.98%
In October 2008, the Population (resident population + Armed Forces overseas) was 305,554,049 (2008-10-01)
In October 2008, GDP per capita was $46,473.94
In October 2008, Public Debt / person was $20,257.13
In October 2008, Foreign Public Debt/ person was $9,751.79
In October 2008, GDP per capita minus Public Debt per person was $26,216.81
In October 2008, Tax Receipts were $2.578156 Trillion (Twelve month moving average¹, November 2008 Monthly Treasury Statement)
In October 2008, Tax Receipts represented 18.16% of GDP
In October 2008, the Debt/Receipt² ratio was 240.08%
In October 2008, Federal Government outlays were $2.747197 Trillion (Twelve month moving average¹, November 2008 Monthly Treasury Statement)
In October 2008, Federal Government outlays represented 19.35% of GDP
In October 2008, for every $1.00 the US government gained, it spent $1.07.
In October 2008, the Fiscal Surplus/Deficit was −$0.169041 Trillion
In October 2008 the Surplus/Deficit as percentage of GDP was -1.19%
In October 2008, interest paid on Treasury Debt Securities (Twelve month moving average, Monthly Treasury Statements) was $0.429994 Trillion
In October 2008, interest paid on Treasury Debt as percentage of revenue was 16.68%
In October 2008, interest paid on Treasury Debt as percentage of GDP was 3.03%

The historical tables of the FY2010 budget (page 24-25) show that:

Highest tax receipts as percentage of GDP: 20.9% in 1944 and 2000.
Lowest tax receipts as percentage of GDP: 2.8% in 1932.
The last time tax receipts were lower than they are now: 13.3% in 1943.
Highest Federal Government outlays as percentage of GDP: 43.6% in 1943 and 1944.
Lowest Federal Government outlays as percentage of GDP: 3.4% in 1930.
The last time Federal Government outlays were higher than they are now: 24.8% in 1946.
Fiscal Deficit - Worst: -30.3% in 1943
Fiscal Surplus - Best: 4.6% in 1948


¹ Measures total tax receipts/outlays over the previous 12 months from the last month measured. eg April 2009 to March 2010.
² The Debt/Receipt ratio measures government revenue (twelve month moving average) as a percentage of current public debt. A good way to compare it would be to compare your current income to what you owe on your mortgage.





2 comments:

Bruce said...

An "Organization of Fools"?

"The wise man does at once what the fool does finally." (Niccolo Machiavelli)

So... CAN we save to get out of this mess or MUST we spend to create revenue/wealth to correct it? Is it, already, too late to aspire to frugality?

antonw said...

I have seen this stuff before but no one ever talks about the total assets.

Households have a net worth of about Their Net Worth was 54,176
Net Worth was 64,464
in 2006.

That's a lot. Governments must also be worth a bunch. Past debts are not the problem. With growth and inflation thy double every ten years. Future commitments are the
problems an we are very slow to change those!