GOVERNMENT ASSETS AND LIABILITIES: 1960-1995*
(As of the end of the fiscal year, in billions of 1995 dollars)
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1960 1965 1970 1975 1980 1985 1990 1995
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ASSETS
Financial assets:
Gold and Foreign Exchange..... 98 69 58 130 322 154 194 183
Other Monetary Assets......... 37 53 32 15 38 24 31 34
Mortgages and Other Loans..... 122 156 202 202 278 341 276 193
Less Expected Loan Losses.... -1 -2 -4 -9 -16 -16 -18 -22
Other Financial Assets........ 58 77 64 64 84 108 166 188
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Subtotal..................... 314 353 351 403 706 611 648 576
Physical Assets:
Fixed Reproducible Capital:
Defense...................... 826 842 839 683 586 694 771 744
Nondefense................... 146 175 189 216 248 249 254 255
Inventories................... 252 218 203 181 220 252 219 168
Nonreproducible Capital:
Land......................... 87 121 151 234 296 318 315 235
Mineral Rights............... 314 291 241 334 607 683 457 335
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Subtotal.................... 1626 1646 1622 1647 1958 2197 2016 1737
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Total assets............... 1940 2000 1972 2050 2664 2808 2664 2313
LIABILITIES
Financial liabilities:
Currency and Bank Reserves.... 220 241 267 272 273 290 348 437
Debt held by the Public....... 954 941 800 787 1019 1809 2483 3219
Miscellaneous................. 28 29 31 33 44 55 82 61
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Subtotal..................... 1202 1211 1097 1092 1336 2153 2913 3717
Insurance Liabilities:
Deposit Insurance............. 0 0 0 0 2 9 67 4
Pension Benefit Guarantee Corp 0 0 0 41 30 41 40 19
Loan Guarantees............... 0 0 2 6 12 10 14 27
Other Insurance............... 30 27 21 19 26 16 19 16
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Subtotal..................... 30 27 23 67 69 76 140 66
Federal Pension Liabilities.... 734 930 1104 1256 1707 1693 1625 1513
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Total liabilities........... 1966 2168 2225 2414 3112 3922 4678 5296
Balance..................... -26 -169 -252 -364 -448 -1114 -2014 -2983
Per capita (in 1995
dollars).................. -146 -867 -1231 -1686 -1961 -4658 -8034 -11312
Ratio to GDP (in percent).. -1.1 -5.4 -6.9 -8.7 -9 -19.1 -30.4 -40.7
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*This table shows assets and liabilites for the Government as a whole, including the
Federal Reserve System. Therefore, it does not break out separately the assets held
in Government accounts, such as social security, that are the obligation of specific
Government agencies. Estimates for 1995 are extrapolated in some cases.
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Source: Budget of the United States Government, FY 1997, Analytical Perspectives,
Table 2.1
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