## Public Wealth in the United States

_IMF Working Papers, July 2, 2019_

## Source details

**Canonical URL:** [Public Wealth in the United States](https://www.imf.org/en/publications/wp/issues/2019/07/02/public-wealth-in-the-united-states-46834)

## Other formats

- [Markdown version](/en/publications/wp/issues/2019/07/02/public-wealth-in-the-united-states-46834/index.md)
- [Structured JSON version](/en/publications/wp/issues/2019/07/02/public-wealth-in-the-united-states-46834/index.json)
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## Bibliographic details
- Authors: Fabien Gonguet, Klaus-Peter Hellwig
- Published: July 2, 2019
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781498312219.001

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### Summary and scope
- We analyze the US public sector balance sheet and project it forward under the assumption that current policies remain in place.
- The study documents the history of the balance sheet and its components since World War II, with a detailed account of its evolution during and after the global financial crisis.
- While, based on assets and liabilities alone, public sector net worth is negative, additional challenges arise from commitments to future spending implied by current legislation and demographic trends.
- To quantify the risks to the balance sheet, we apply the macroeconomic scenarios from the Federal Reserve’s bank stress test to the public sector balance sheet.

### Key findings and observations
- Public sector net worth is negative when measured on the basis of assets and liabilities alone.
- Commitments to future spending implied by current legislation and demographic trends create additional challenges for the balance sheet beyond the asset–liability position.
- The evolution of the balance sheet during and after the global financial crisis is documented in detail (historical coverage since World War II).

### Methodology and scenarios
- Historical documentation of the balance sheet and its components since World War II.
- Forward projections under the assumption that current policies remain in place.
- Application of the macroeconomic scenarios from the Federal Reserve’s bank stress test to assess risks to the public sector balance sheet.

### Subjects and keywords
- Subjects: Economic sectors, Expenditure, Financial institutions, Financial statements, Global financial crisis of 2008-2009, Pension spending, Public debt, Public financial management (PFM), Public sector, Securities
- Keywords: asset, asset revaluation, balance sheet, Federal Reserve assets, Financial statements, Fiscal sustainability, fixed asset, Global, Government finance statistics, liability mismatch, Pension spending, Public sector, revaluation effect, Securities, student loan, WP, yield

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## Content in this bundle

- **Working Paper**
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_Source: https://www.imf.org/en/publications/wp/issues/2019/07/02/public-wealth-in-the-united-states-46834_