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A Nation in Debt~ Total u.s. Debt Burden Hits $10.6 Trillion,
Nearly Double GNP
By Gregory S. Leong
As the nation struggles to work its way even more rapid increase
of the federalout of recession, Americans are feeling the
government's debt.pinch of the $10.6 trillion total U.S. debt. The
federal government has been on aFueled by record spending at all
levels of spending spree, more than tripling its debtgovernment,
highly leveraged financing by from $743 billion in 1980 to $2.6
trillion incorporations, and record consumer credit 1990,
increasing the federal slice of the totalcard spending, the debt
currently amounts debt from 19 to 24 percent. State and localto a
$42,277 IOU for everyman, woman, and government debt has grown less
rapidly,child in the U.S. but nevertheless, it has more than
doubled
In the past decade, total U.S. debt from during the decade.the
government, corporate non-financialbusiness and household sectors
has nearly Is U.S. Debt Really Too Large?tripled, jumping from $3.9
to $10.6 trillion Comparing an economy's total debt to(see figu,re
1 and table 1). Households and its total income, or GNP, reveals
how well itnon-financial. businesses hold the largest can support
its debt level. As total incomeshares of total debt, $3.7 trillion
and $3.5 increases, so does an economy's ability totrillion
respectively (see' figu,re 2). These take on a larger amount of
debt.amounts are more than double their 1980 The total current U.S.
debt burden oflevels. Yet their percentage shares of total $10.6
trillion is almost twice the nation's $5.4debt have actually fallen
slightly due to the trillion GNP. Figu,re 3 shows the growth in
total debt consistently outpacing total na-Figure 1 tional
output throughout the past decade.
Total U.S. Debt b Sector ~ is true for all categ.ories of public
andY pnvate debt, and by this measure as well,
Selected Calendar Years 1960-1990 the federal government is
racing into in-12 debtedness faster than any other sector of
1 0 the economy.The federal debt, more commonly
8 known as the public debt, is the accumu-
$Trillions 6 lated amount of money and interest coststhe federal
government has borrowed
4throughout the years to fund budget short-
2 falls. Between 1981 and 1991, federal gov-0 ernment debt
almost doubled as a percent-
1960 1965 1970 1975 1980 1985 1990 age of GNP, increasing from
27 to 47 percent. . of GNP. Non-financial business debt rose 11.
Non-Financial. Households D State/Local. Federal
Business Governments Government percentage points from 52 to 63
percent ofSource: Tax Foundation GNP, and during that same time
period,
Gregory S. Leong is Director of Special Studies at the Tax
Foundation.
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.Special Report 2~
A Nation in Debt
Table 1Total U.S. Credit Market Debt Outstanding by Sector
Per Capita and Percent of Gross National ProductSelected
Calendar Years 1960-1991
($Billions except per capita)Total Debt Outstanding Federal
GovernmentS State/Local Governments Households Non-Financial
Businesses
Per Percent Per Percent Per Percent Per Percent Per PercentTotal
Capita of GNP Total Capita of GNP Total Capita of GNP Total Capita
of GNP Total Capita of GNP
1960 $727.3 $4,026 141.1% $236.3 $1,308 45.9% $72,0 $399 14.0%
$218.2 $1,208 42.3% $200.8 $1,111 39.0%1965 1,011.6 5,206 143.5
262.4 1,350 37.2 103.1 531 14.6 343.2 1,.766 48.7 302.9 1,559
43.01970 1,424.4 6,947 140.3 300.8 1,467 29.6 150.3 733 14.8 471.8
2,301 46.5 501.5 2,446 49.41975 2,256.0 10,446 141.1 446.3 2,066
27.9 219.4 1,016 13.7 750.4 3,475 46.9 839.9 3,889 52.51980 3,897.7
17,116 142.7 742.8 3,262 27.2 286.6 1,259 10.5 1,430.2 6,281 52.3"
1,438.1 6,315 52.61981 4,279.6 18,611 140.2 830.1 3,610 27.2 303.7
1,321 9.9 1,549.2 6,737 50.8 1,596.6 6,943 52.31982 4,667.6 20,104
147.4 991.4 4,270 31.3 331.4 1,427 10.5 1,626.3 7,005 51.4 1,718.5
7,402 54.31983 5,208.5 22,230 152.9 1,177.9 5,027 34.6 355.0 1,515
10.4 1,791.9 7,648 52.6 1,883.7 8,040 55.31984 5,959.4 25,215 158.0
1,376.8 5,825 36.5 383.0 1,621 10.2 2,018.8 8,542 53.5 2,180.8
9,227 57.81985 6,804.5 28,534 169.5 1,600.4 6,711 39.9 473.9 1,987
11.8 2,296.0 9,628 57.2 2,434.2 10,208 60.61986 7,646.3 31,772
180.7 1,815.4 7,543 42.9 510.1 2,120 12.1 2,596.1 10,788 61.4
2,724.8 11,322 64.41987 8,343.9 34,362 184.8 1,960.3 8,073 43.4
558.9 2,302 12.4 2,879.1 11,857 63.8 2,945.6 12,131 65.21988
9,096.0 37,119 186.6 2,117.8 8,642 43.5 604.5 2,467 12.4 3,191.5
13,024 65.5 3,182.2 12,986 65.31989 9,805.3 39,641 188.5 2,269.4
9,175 43.6 634.1 2,564 12.2 3,501.8 14,157 67.3 3,400.0 13,746
65.41990b 10,317.6 41,275 188.8 2,450.4 9,803 44.8 642.2 2,569 11.8
3,731.8 14,929 68.3 3,493.2 13,974 63.91991c 10,636.6 42,277 191.4
2,624.7 10,432 47.2 648.6 2,578 11.7 3,860.2 15,343 69.5 3,503.1
13,924 63.0
S Federal government debt excludes portion held by Federal
Reserve and government agencies.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 household debt jumped from ample, economic growth is
fostered throughIgure 51 percent of GNP in 1981 to 70 debt
financing when corporations borrow
Total U.S. Debt by Sector percent in 1991. from capital markets
and use those resources1990 The figures above would not to create
economies of scale.
75% be nearly as surprising if the However, the ability of
governments to33.86% 1980s had been a period of eco- sustain debt
without impeding economic
nomic stagnation. On the con- growth depends on the size of
interest pay-6.22% trary, GNP grew at the robust ments. As these
payments increase, they
rate of 7.4 percent (see table 2). inhibit the nation's ability
to payoff theBut total debt accumulated at a principal amount of
the debt and reduce
36.17% 10 percent rate, with all catego- funds available for
consumption and in-riesofdebtexceedingthegrowth vestment. This is a
high price to pay for the
1980 of GNP. Federal government privilege of overspending.6%
debt and household debt led the In 1990, the federal government's
net
36.90% k . 12 d . t t (. t t .d t .pac, grOWIng at percent an
mteres paymen s meres pal ou mmus7.35% 10 percent respectively. The
debt interest received) totaled $186.3 billion. This
of non-financial businesses and amounts to 15 cents of every
dollar spent bystate/local governments slightly the federal
government compared to the 9outpaced GNP with rates of 9 cents per
dollar it spent on interest in 1980.
36.69% and 8 percent respectively. Consumers also increased
their interest. d G payments, though not so dramatically, byFe eral
overnment . . ... ..0 State/Local Governments RIsing Interest
Payments making $371.4 billion m mterest payments. Households It is
important to note that in 1990, or 10 cents of every dollar spent,
up. Non-Financial Business . . . d 11 fr 8 . . all mdebtedness IS
not detrl- 3 cents per 0 ar om 19 o. Net mterest
Source: Tax Foundation mental to the economy. For ex- payments
of non-financial corporations ac-
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Special Report 3.A Nation in Debt
counted for 37 percent of net cash flows in revenues jumping 91
percent over the de-1990, up from 25 percent in 1980 (see figure
cade, federal spending has increased at a4). (Net cash flow equals
corporate profits slightly faster rate of 94 percent, averagingplus
depreciation before interest and taxes.) $60 billion annually.
Growth of spending,Unlike the federal government, state and with
the exception of 1987, has
consistentlylocalgovernmentsearnedmoreinterestthan outpaced the
rate of inflation which led to athey paid out, generating $41.6
billion in decade of monumental deficits.1990 revenues (see table
3). Starting the decade with a $73.8 billion
deficit in FY80, lawmakers nearly tripledWashington's Annual
Monument: that in two years. Even the significant defi-The Federal
Budget Deficit cit reductions in FY84 and FY87 failed to
The federal government led the economy arrest the trend (see
table 4). Lawmakersfurther into debt during the 1980s with its have
not passed a ]Judget that has paid forrecord spending levels.
Despite federal tax itself since 1969. Now with an expected
FY92 budget deficit of $348 billion, publicFigure 3 debt and its
associated interest costs are
expected to pass the $5 trillion mark byGrowth of Total Debt vs.
Growth of GNP FY95.
1980-1990 While federal debt is the largest portion16%I of U
.S.liabilities, it is by no means the total.14% ---, -.- Total
liabilities include not only the public
Total Debt .0 - --0- debt but also accounts payable,
pensIons,
12'/0 d . lli bill' . h tGNP an actuana a ties suc as ve
erans10% compensation. In 1989, total liabilities for
8% the federal government totaled $3.77 tril-6% lion, $1.61
trillion more than the public debt
reported (see table 5).4% Furthermore, no liability for Social
Se-
2% curity is included in the U.S. Government
0% Statement ojLiabilities. The actuarial liability1980 1981
.1982 1983 19 4 198 0 as of September 30, 1989 was $6.08
trillion,
Source: Tax Foundation which represents the present value of
the
projected future benefit payments to presentparticipants minus
the contribution still to
Table 2 be made by the same group and their em-. . ployers on
their behalf.
Growth In Debt vs. Growth In GNP by Sector Wh I kin t J: d ld bt
' t ' ten 00 ga Ie era e ,1 IS no e-Calendar Years 1980-1990 worthy
that the federal government owes aFederal State and Local
Non-financial portion of the debt to itself. The Federal
Total Government Governments Households Business GNPR d th t
.
eserve an 0 er governmen agenCIes1980 9.5% 11.9% 4.3% 9.1% 9.7%
8.9% . .1981 9.8 11.8 6.0 8.3 11.0 11.7 own approXImately 25
percent of It. Gross1982 9.1 19.4 9.1 5.0 7.6 3.7 public debt,
including the portion held by1983 11.6 18.8 7.1 10.2 9.6 7.61984
14.4 16.9 7.9 12.7 15.8 10.8 the Federal Reserve and
governmentagen-1985 14.2 16.2 23.7 13.7 11.6 6.4
cies,reached$3.2trillioninFY90,or$12,8271986 12.4 13.4 7.6 13.1
11.9 5.4 J: d hild ' th U S1987 9.1 8.0 9.6 10.9 8.1 6.7 lor every
man, woman an c ill e ..1988 9.0 8.0 8.2 10.9 8.0 7.9 After
adjusting for federal agency owner-1989 7.8 7.2 4.9 9.7 6.8 6.7
ship, the federal debt was $2.4 trillion or1990 5.2 8.0 1.3 6.6 2.7
5.1Average 10.2 12.7 8.1 10.0 9.4 7.4 $8,705 per capita (see table
6).Source: Board of Governors of the Federal Reserve System, Bureau
of Economic Analysis,
Department of Commerce; and Tax Foundation computations.
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SpecialReport 4.A Nation in Debt
State and Local Debt remained at a fairly consistent rate of
11State and local government debt makes percent in the past decade.
Though consti-
up the smallest portion of the debt pie. It tuting only 6
percent of total debt, it hastotaled $648.6 billion in 1990, and as
a per- more than doubled from its 1981 level ofcent of GNP,
state/local government debt $303.7 billion.
In light of the current fiscal crises in. many states, debt
levels for state govem-
Figure 4 ments are likely to grow more rapidly in the
Interest Payments as a Percent of Outlays by Sector 1990s than
they did in the 1980s.
Selected Calendar Years 1960-1990 Household Debt40% Household
debt, comprised mainly of
35% mortgages and coLlSumer credit, increased° nearly 20
percentage points from 52 percent30 '/0 of GNP in 1980 to 70
percent in 1990. Consti-
25% tuting the largest portion of total debt,
20% household debt peaked in 1990 at $3.9 tril-15% lion, or
$15,343 for every person in the United
States.1 0% The rising trend in household debt is .5%
illustrated by the increase in consumer credit,0°;; both
installment and noninstallment credit
1960 1965 1970 1975 1980 1985 1990 over short and intermediate
terms. Install-. D . Corporate Non-Financial d. . I d I .d
.Consumer Federal Government Businesses ment cre It mc u es oans
pal over timeSource: Tax Foundation such as credit cards and bank
loans.
, Table 3
Net Interest Payments by Sector a
Selected Calendar Years 1960-1991
($Billions)Federal Government State & Local Governments
Corporate Non-Financial C Consumer
Net Interest Net Interest Net Net Interest Interest InterestNet
As a Percent Net As a Percent Net Cash As a Percent of Personal as
a Percent
Interest Outlays of Outlays Interest Outlays of Outlays Interest
Flow ~ Net Cash Flow All Othere Mol1gage Total Outlays of
Outlays
1960 $6.8 $93.9 7.2% $0.1 $49.9 0.2% $3.5 $35.0 10.0o~ $7.0 $7.0
$14.0 $338.1 4.1%1965 8.4 125.3 6.7 -0.3 75.5 -0.4 6.1 59.2 10.3
11.1 11.1 22.2 452.5 4.91970 14.1 207.8 6.8 -1.8 134.0 -1.3 17.1
66.5 25.7 16.7 16.6 33.3 657.9 5.11975 23.0 364.2 6.3 -4.2 235.2
-1.8 28.7 128.8 22.3 24.4 32.3 56.7 1,038.2 5.51980 53.3 615.1 8.7
-17.0 363.2 -4.7 55.5 226.3 24.5 47.4 77.2 124.6 1,781.1 7.01981
72.4 703.3 10.3 -20.1 391.4 .-5.1 67.5 251.3 26.9 52.0 89.6 141.6
1,968.1 7.2.1982 84.6 781.2 10.8 -24.4 414.3 -5.9 76.6 239.2 32.0
55.5 100.8 156.3 2,107.5 7.41983 94.3 835.9 11.3 -26.2 440.2 -6.0
69.8 280.3 24.9 61.9 113.5 175.4 2,297.4 7.61984 115.6 895.6 12.9
-28.4 475.9 -6.0 80.3 325.2 24.7 72.5 129.7 202.2 2,504.5 8.11985
130.1 985.6 13.2 -32.4 516.7 -6.3 81.1 337.5 24.0 82.6 143.3 225.9
2,713.3 8.31986 135.6 1,034.8 13.1 -34.4 563.5 -6.1 88.4 324.9 27.2
89.1 151.8 240.9 2,888.5 8.31987 142.3 1,071.9 13.3 -34.9 604.1
-5.8 93.2 372.2 25.0 90.7 162.8 253.5 3,102.2 8.21988 151.3 1,114.2
13.6 -38.5 651.1 -5.9 98.0 407.5 24.0 93.6 176.7 270.3 3,333.6
8.11989 172.0 1,187.2 14.5 -40.2 703.5 -5.7 120.5 374.2 32.2 102.2
196.5 298.7 3,553.7 8.41990 186.3 1,275.7 14.6 -41.6 765.1 -5.4
128.4 348.6 36.8 107.8 263.6 371.4 3,766.0 9.91991b 194.3 1,261.4
15.4 -42.6 797.8 -5.3 126.3 333.0 38.0 108.6 n.a. n.a. 3,852.5
n.a.-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 undistributed profits, capital consumption allowances,
and capital consumr-lion adjustments.
e Includes interest on all consumer debt instruments except
mortgages.
Source: Bureau of Economic Analysis, Department of Commerce and
Tax Foundation computations.
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!
Special Report 5A Nation in Debt
$782.3 billion, up 110 percent from 1981'sTable 4 Table 5 level
of $372.3 billion. Installment credit was
Federal Government Consolidated Statement of responsible for the
majority of this increaseBudget Deficits Liabilities of the United
States (see table 7).
Fiscal Years 1980-1992 Government as of The rise in consumer
debt can also be. . September 30 1989 illustrated by the rapid jump
in consumer($Blilions) , ed. d hr h h($Billions) cr It car usage t
oug out t e 1980s.
Budget Percent While credit card spending rose 93
percent,Deficit Change Liabilities 1989 from $205.4 billion in 1980
to $397.1 billion
1980 $73.8 - Debt Issued Under Financing Authority $2,188.8 in
1988 credit card debt increased at an even1981 78.9 6.9% Public
Debt 2,165.1' .1982 127.9 62.1 Agency Debta 23.7 faster rate of 122
percent from $81.2 billion1983 207.8 62.4 Pens}~~ and Actuarial
Liabilities 1,235.5 to $180 billion. Credit card debt as
OPposed1984 185.3 -10.8 CIVilian Employees 586.3 . ' .1985 212.3
14.5 Military Personnel, 446.3 to spendmg, refers to the debit
balance1986 221 2 42 Veterans Compensation 135.2 t .ed fr th t th.
. Federal Employees Compensation 21.2 amoun cam over om mon 0
mon~~~~ ~::.~ -3~.~ Other Pension Plans and Benefits 46.5 (see
table 8).. . Accounts Payable 163.71989 153.4 -1.1 Interest Payable
- 41.41990e 220.4 43.7 Accrued Payroll and Benefits 12.5
Non-Financial Business Debt1991 282.2 28.0 Unearned Revenue 23
21992e 348.3 23.4 Other Liabilities 112:2 Second only to
households, the non-e E t. t b d Off ' f Total Liabilities $3:777:3
financial business sector is the largest bor-sima ease on Ice
0Management and Budget's Mid- a Includes liabilities ~eld by
Federal Deposit rowing sector in the economy. During a
Session Review. Insurance Corporation, Tennessee ValleySource:
Office of Management and Auth,ority, Dept. of, Treasury, Labor,
Defense, decade famous for leveraged buyouts and
Interior, and Housing and Urban Development, .unk b d fin .
..Budget, Source: Financial Management Service, Department J on
anCIng, debt for non-finanCIal
of Treasury. businesses leaped from $1.4 trillion in 1980
to $3.5 trillion in 1991.Noninstallment credit refers to single
pay- A comparison of total debt to total eq-ment loans such as
bridge loans, service uity is a good indicator of business' ability
tocredit,andAmericanExF'resscreditcharges handle debt. Debt-equity
ratios reflect thethat are required to be paid in a lump sum.
percentage of corporate debt leveraged byCurrent consumer credit
for 1991 totals owners' equity. As business leverage in-
Table 6
Trends in Federal DebtFiscal Years 1980-1991
($Billions Except Per Capita),,:, a
Gross Federal Debt
Public Debt Gross Federal Debt Net Federal Debf
Held by Held by Per % of Per % ofYear ~ Gov't Accounts Total
Federal Reserve Other Capita GNP Capita GNP1980 $908.5 $199.2
$709.3 $120.8 $588.4 $3,990 34.0% $2,584 21.5%1981 994.3 209.5
784.8 124.5 660.3 4,324 33.3 2,872 21.61982 1,136.8 217.6 919.2
134.5 784.7 4,896 36.2 3,380 24.81983 1,371.2 240.1 1,131.0 155.5
975.5 5,852 41.3 4,164 28.61984 1,564.1 264.2 1,300.0 155.1 1,144.8
6,618 42.4 4,844 30.31985 1,817.0 317.6 1,499.4 169.8 1,329.6 7,619
46.0 5,575 33.11986 2,120.1 383.9 1,736.2 190.9 1,545.3 8,810 50.7
6,421 36.51987 2,345.6 457.4 1,888.1 212.0 1,676.1 9,660 53.0 6,903
37.11988 2,600.8 550.5 2,050.3 229.2 1,821.0 10,613 54.4 .7,431
37.41989 2,867.5 677.2 2,190.3 220.1 1,970.2 11,593 55.9 7,965
37.91990 3,206.3 795.9 2,410.4 234.4 2,176.0 12,827 59.3 8,705
39.819918 3,617.8 900.2 2,717.6 n.a. n.a. 14,380 64.4 n.a. n.a.
a End of fiscal year.b Net federal debt equals gross federal
debt less portion held by Federal Reserve and government
accounts,
Source: Office of Management and Budget, Bureau of Census, and
Tax Foundation computations.
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SpecialReport 6ANation in Debt
creases, the fear of losing potential future to 73 percent. ill
the last decade, ratios aver-investment and growth increases. In
past aged 70 percent, with a low of 64 percent indecades,
debt-equity ratios for non-finan- 1983 and a high of 76 percent in
1984 (seecial corporate businesses have generally re- table 9).
When businesses have such a highmained below 50 percent of equity,
averag- debt-equity ratio, they subject themselvesing 50 percent in
the 1950s and 43 percent in to a greater risk of failure during
businessthe 1960s. As inflation and recession hit problems or
recessionary times.during the 1970s, debt equity ratios jumped
ConclusionTable 7 Despite the tremendous span of eco-
nomic growth in the 1980s, total debt con-Total Consumer Credit
tinued to outpace GNP. Debt within every
Calendar Years 1981 and 1991 sector of the economy has reached
record($Billions) levels. In order to support future debt lev-
els, interest payments will only increase. 1981 19918 and result
in reduced purchasing power.
Total Consumer Credit $372.3 $782.3 The continued combination of
astronomi-Installment Credit 315.5 725.5 1d fi . th L_.J 11 1 .
.
Nonfarm noncorporate business 1.9 2.4 . ca e crts at e It:u.era
eve, mcreasmgNonfinancial noncorporate business 15.4 17.8 debt
among consumers and high debt-Commercial Banks 147.6 335.8 " b '.
"Savings and loans associations 12.4 36.3 eqwty ratios among
usmesses will YIeldMutual savings banks 3.8 6.2 record level debts
and interest payments.Credit Unions 46.0 90.8 All Id ..Finance
companies 88.5 154.2 to , these factors could ultimately hinder
SCO issuers 82.1 strong economic growth during the
1990s.Noninstallment credit 56.8 56.9
Nonfarm noncorporate business 2.5 3.9 Table 9Nonfinancial
noncorporate business 9.9 15.4Commercial Banks 36.6 35.4 D bt E "t
R t " fSavings and loans associations 5.6 1.2 e - quI y a 10S
orMutual savings banks 2.3 1.1 Non-financial Corporate
8 Firsiquarter estimates. BusinessesSource: Board of Governors
of the Federal Reserve
S I d CSystem. e ecte alendar Years 1960-1990
($Millions except ratio)
Table 8 Credit Market Market Value Debt-EquityDebt Equities8
Ratio
Consumer Credit Card Spending and Debt 1960 $153.7 $354.1
43.3%1965 219.8 553.7 39.6
Selected Calendar Years 1980-1988 1970 352.5 648.5 54.3
($Billions except number of cards) 1975 532.8 684.3 77.81980
828.8 1,293.1 64.0
Number of Cards (Millions) Credit Card Spending Credit Card
Debt. 1 ~88~ 926.6 1,214.8 76.21 970.0 1,382.8 70.1
Type of Credit card 1980 1985 1988 1980 1985 1988 1980 1985 1988
1983 1,049.4 1,638.7 64.0
Bank 110.6 161.4 197.8 $52.9 $125.9 $189.9 $25.0 $65.6 $113.5
1984 1,223.9 1,617.7 75.6Travel and entertainment 10.3 18.8 24.2
21.2 51.0 84.6 2.7 6.4 12.3 1985 1,362.4 2,022.6 67.3Retail Store
290.5 341.0 400.9 74.4 90.0 64.9 47.3 50.5 41.8 1986 1,570.6
2,332.6 67.3Oil company marketers 109.6 117.0 118.6 28.9 28.8 21.9
2.2 2.7 2.5 1987 1,724.6 2,344.0 73.5Other' n.a. n.a. 118.0 28.0
27.0 35.8 4.0 2.8 9.9 1988 1,899.5 2,576.7 73.7Total n.a. n.a.
859.5 205.4 322.7 397.1 81.2 128.0 180.0 1989 2,064.8 3,211.4 64.28
1990 2,177.1 2,925.1 74.4
Includes airline, automobile rental, telephone company, hotel,
motel, and other miscellaneouscredit cards. 8 Includes corporate
farm equities.
Source: HSN Consultants Inc., Los Angeles, CA, The Nilson
Report; U.S. Department of Source: Board of Governors of the
Federal ReserveCommerce, Bureau of the Census. System.
The Tax Foundation, a nonprofit, nonpartisan research and public
education organiwtion, has beenmonitoring tax and fiscal activities
at all levels of government since 1937.
Tax Foundation. 470 L'Enfant Plaza, SW, Suite 7400 . Washington,
DC 20024 . (202) 863-5454
,-.~