Jun
12th
Fri
12th
US Government Takes Place Of American Households In The Debt Race
Fed release of flow of funds data (pdf) reveals continued deleveraging in the private sector, partially offset by government borrowing.
Total US debt outstanding as of Q1 2009 was $52.8 trillion (down $255 billion in Q1), of which:
- Households: $13.8 trillion (down $152 billion in Q1)
- Business: $11.1 trillion (down $90 billion in Q1)
- State and local government: $2.3 trillion (up $108 billion in Q1)
- Federal government: $6.4 trillion (up $1.4 trillion in Q1)
- Domestic financial institutions: $17.1 trillion (down $1.8 trillion)
- Foreign financial institutions: $1.9 trillion (up $169 billion)
Increased government borrowing led to record issuance of US treasury securities, that jumped from $184 billion in 2006, to 238 billion in 2007, to $1.2 trillion in 2008 and $1.4 trillion seasonally adjusted annual rate in Q1 2009.
