America's Fiscal Constitution (87 page)

NOTES

1
. Figures at the end of the fiscal year. For 1790–1842, fiscal years end December 31; for 1843–1976, fiscal years end June 30; from 1977 on, fiscal years end September 30.

2
. Before 1970: Department of the Treasury,
Statistical Appendix
(1970), 60–61. After 1970: Department of the Treasury, Bureau of Public Debt, Monthly Statement (June editions prior to 1977 and September editions afterwards). For years except 1809, 1852, 1982, 1983, 1984, and 1986, this data is consistent with those found in Bureau of the Census, Historical Statistics (2006).

3
. Interest-bearing debt for 1853–1980, Department of the Treasury,
Statistical Appendix
(1980), 61–63; for 1981–2011, Department of the Treasury, Bureau of Public Debt, Monthly Statement (September editions). Interest-bearing is not separately listed since 2001, but the figure can be calculated by subtracting (a) amounts in the “other” category of nonmarketable and matured but outstanding securities, from (b) “total public outstanding debt.” A historical record of non–interest-bearing debt and matured debt still outstanding—which was used to verify the above methodology and calculations—can be found for 1790–1970 in Department of the Treasury,
Statistical Appendix
(1970), 60–61, and for 1971–2011, Department of the Treasury, Bureau of Public Debt, Monthly Statement (June editions prior to 1977 and September editions afterwards)

4
. For 1915–1939: Federal Reserve Bulletin, various editions (1915–1920: August publication; 1920–1939: September publication). For 1915–1920, figures represent US debt holdings on different dates between June 28 through July 2. For 1940–2012: OMB, Historical Tables, “Table 7.1—Federal Debt at the End of Year: 1940–2018.”

5
. Monetized debt equals non–interest-bearing debt plus debt held by the Federal Reserve.

6
. Net unmonetized debt equals gross federal debt minus matured debt minus monetized debt. That also equals interest-bearing US Treasury debt minus monetized debt.

A
PPENDIX
B

Unmonetized Debt Compared to National Income and Tax Revenues, 1790–2012

[Millions of dollars, $US]