Benn Steil


A graphical take on geoeconomic issues, with links to the news and expert commentary.

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Offsetting Borrowing

June 12, 2009


Government borrowing has increased sharply, but the fall in private borrowing by households and firms has been equally dramatic. Overall borrowing has not changed substantially. Will the government be able to reduce its borrowing when private borrowing resumes?

Skidelsky: Economists Clash on Shifting Sands
Setser: Fall in Private Borrowing, Rise in Fiscal Deficit
Setser: Who Bought All the Treasuries?
Federal Reserve: U.S. Flow of Funds

Update 6/15:

In response to Jim Rootham’s suggestion, here is the sum of private and public borrowing.

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  • Posted by Jim Rootham

    Any chance you can update the chart and add a total line? I think it would clarify things (or hammer the point home, if you prefer).

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