Financial position of the United States
| Bonds | Loans | Mortgages | Other | Total | % GDP | |
|---|---|---|---|---|---|---|
| Financial sector | 5612.9 | 807.7 | 167.4 | 8375.3 | 14963.3 | 104.9% |
| Households and non-profits | 266.1 | 335.1 | 10480.1 | 2421.8 | 13503.1 | 94.7% |
| Nonfinancial business | 4446.6 | 2835.7 | 3552.6 | 74.6 | 10909.6 | 76.5% |
| State and local | 2369.8 | 13.7 | 2383.5 | 16.7% | ||
| Federal | 8283.2 | 8283.2 | 58.1% | |||
| Total | 20976.6 | 3992.2 | 14200.1 | 10871.7 | 50042.7 | 351.0% |
|
A GSE issues and GSE/Agency-backed mortgage pool securities (together $7751.8 billion) plus commercial paper ($623.5 billion) |
||||||
| Value | % GDP | |||
|---|---|---|---|---|
| Notional value |
216,452 |
1,482% |
||
| Market value | Receivable | Payable | ||
| Interest rate | 3,147 | 21.5% | -3,052 | -20.9% |
| Foreign exchange | 347 | 2.4% | -345 | -2.4% |
| Equity | 77 | 0.5% | -78 | -0.5% |
| Commodity | 41 | 0.3% | -40 | -0.3% |
| Credit | 390 | 2.7% | -370 | -2.5% |
| Total market value | 4,002 | 27.4% | -3,886 | -26.6% |
| Credit exposure |
359 |
2.5% |
||
| Foreign-owned US assets |
US-owned foreign assets |
|
|---|---|---|
| Debt | 7933.9 | 2084.2 |
| Equity | 2774.4 | 4157.3 |
| FDI | 2030.9 | 3990.2 |
| Other | 2086.1 | 1283.7 |
| Total | 15625.3 | 11515.4 |
| A Includes corporate equity plus mutual fund shares | ||
The financial position of the United States includes assets of at least $269.6 trillion (1576% of GDP) and debts of $145.8 trillion (852% of GDP) to produce a net worth of at least $123.8 trillion (723% of GDP) as of Q1 2014.
The U.S. increased the ratio of public and private debt from 152% GDP in 1980 to peak at 296% GDP in 2008, before falling to 279% GDP by Q2 2011. The 2009-2011 decline was due to foreclosures and increased rates of household saving. There were significant declines in debt to GDP in each sector except the government, which ran large deficits to offset deleveraging or debt reduction in other sectors.
As of 2009, there was $50.7 trillion of debt owed by US households, businesses, and governments, representing more than 3.5 times the annual gross domestic product of the United States. As of the first quarter of 2010, domestic financial assets totaled $131 trillion and domestic financial liabilities $106 trillion. Tangible assets in 2008 (such as real estate and equipment) for selected sectors totaled an additional $56.3 trillion.
Net worth is the sum of assets (both financial and tangible) minus liabilities for a given sector. Net worth is a valuable measure of creditworthiness and financial health since the calculation includes both financial obligations and the capacity to service those obligations.
The net worth of the United States and its economic sectors has remained relatively consistent over time. The total net worth of the United States remained between 4.5 and 6 times GDP from 1960 until the 2000s, when it rose as high as 6.64 times GDP in 2006, principally due to an increase in the net worth of US households in the midst of the United States housing bubble. The net worth of the United States sharply declined to 5.2 times GDP by the end of 2008 due to declines in the values of US corporate equities and real estate in the wake of the subprime mortgage crisis and the global financial crisis. Between 2008 and 2009, the net worth of US households had recovered from a low of 3.55 times GDP to 3.75 times GDP, while nonfinancial business fell from 1.37 times GDP to 1.22 times GDP.
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