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11/11/2011
Bits and Pieces
Potpourri for $200
I thought I’d throw out some statistics from various sources that I’ve been collecting. To wit…
From the Census Bureau’s 2012 Statistical Abstract – facts and figures about life today in the United States.
Life Expectancy
1970…74.7
2010…80.8*
2020…81.9*
1970…67.1
2010…75.7*
2020…77.1*
1960…559.0
2008…186.7
1960…193.9
2008…175.5
1960…22.5
2008…21.8
Between 2000 and 2010, every single state’s population increased – except for Michigan, which had a 0.6% decline.
1990…$23.7 billion
2009…$109.3 billion
1990…$97,300
2006…$221,900
2010…$173,100
Median annual income for individuals (in constant 2009 dollars)
1990…$32,284
2000…$35,303
2009…$32,184
1990…$16,020
2000…$20,007
2009…$20,957
1990…$354,000
2010…$2 million
1990…$598,000
2010…$3 million
Which Groups Got How Much
Bottom 50%...17% of U.S. income
Next 25%...24%
Next 15%...24%
Next 9%.....24%
Top 1%......11%
Bottom 50%...13%
Next 25%...21%
Next 15%...23%
Next 9%....26%
Top 1%.....17%
Source: Internal Revenue Service, Wall Street Journal
The Budget Deficit
The other day the Wall Street Journal had the following table for federal tax receipts, spending and deficits, fiscal years 2007-2011, billions of dollars. [The fiscal year ends Sept. 30]
2007…$2,568 [receipts]…$2,729 [outlays]…$161 [deficit]…1.2 [def. as % of GDP]
2008…$2,524…………...$2,983……………$459…………..3.2
2009…$2,104…………...$3,520……………$1,416………...10
2010…$2,162…………...$3,456……………$1,294………...8.9
2011…$2,303…………...$3,600……………$1,298………...8.6
Major Holders of U.S. Treasury Securities [billions of dollars, as of Aug. 2011]
China, Mainland….1137.0
Japan………………936.6
United Kingdom…..397.2
Oil Exporters……....236.3 [essentially OPEC]
Carib Bnkng Ctrs….161.2 [Bahamas, Bermuda, Cayman Islands, etc.]
Taiwan…………….150.3
Switzerland………..147.5
Hong Kong………..107.9
Public Debt for the G-7
Japan…220.3
Italy…119.0
United States…91.6
France…84.3
Canada…84.0
Germany…80.0
United Kingdom…77.2
Comment from World Economic Forum: The Global Competitiveness Report 2011-2012
“The average of public debt as a percentage of GDP for the G-7 countries crossed the 100 percent mark in 2010. Indeed, for the first time in 60 years, some advanced economies face the threat of sovereign default. Interventions to avoid default in some countries in peripheral Europe, as well as political brinkmanship over the debt ceiling in the United States and the ensuing downgrade of the U.S. credit rating by Standard & Poor’s, have raised questions about the sustainability of debt in a number of countries. These questions are particularly acute in the concerned euro zone economies, where a combination of low competitiveness and a cautious growth outlook calls the ability of governments to repay their debt into question.”
U.S. Oil Imports by Country, 2011
[Million barrels a day, crude and product imports for July]
Canada…2.6
Saudi Arabia…1.3
Mexico…1.2
Venezuela…0.9
Nigeria…0.9
Iraq…0.6
Russia…0.6
Colombia…0.4
Other…3.1
“In 2010, the U.S. and Canada produced almost 10m b/d and consumed about 22.5m b/d. Given the right opportunities and incentives – and the access to closed areas such as America’s east and west coasts for which the oil industry is lobbying – by 2035, the two countries’ production could rise to 22m b/d, the NPC [National Petroleum Council] suggested. If demand could be held constant, that would cut North America’s shortfall to just 0.5m b/d.”