Two large shocks and Republican tax cuts for rich have pushed up nation’s debt ratio: Ratio of federal debt to GDP, 1962–2035
| Debt to GDP | Debt to GDP | |
|---|---|---|
| 1962 | 37.3% | 37.3% |
| 1963 | 36.0% | 36.0% |
| 1964 | 33.7% | 33.7% |
| 1965 | 31.6% | 31.6% |
| 1966 | 28.7% | 28.7% |
| 1967 | 26.5% | 26.5% |
| 1968 | 26.8% | 26.8% |
| 1969 | 22.9% | 22.9% |
| 1970 | 21.6% | 21.6% |
| 1971 | 21.8% | 21.8% |
| 1972 | 21.4% | 21.4% |
| 1973 | 20.5% | 20.5% |
| 1974 | 18.7% | 18.7% |
| 1975 | 19.6% | 19.6% |
| 1976 | 21.7% | 21.7% |
| 1977 | 22.2% | 22.2% |
| 1978 | 21.7% | 21.7% |
| 1979 | 19.8% | 19.8% |
| 1980 | 19.9% | 19.9% |
| 1981 | 19.4% | 19.4% |
| 1982 | 21.9% | 21.9% |
| 1983 | 26.2% | 26.2% |
| 1984 | 27.5% | 27.5% |
| 1985 | 29.6% | 29.6% |
| 1986 | 32.8% | 32.8% |
| 1987 | 34.5% | 34.5% |
| 1988 | 35.4% | 35.4% |
| 1989 | 35.6% | 35.6% |
| 1990 | 36.9% | 36.9% |
| 1991 | 40.0% | 40.0% |
| 1992 | 42.9% | 42.9% |
| 1993 | 44.6% | 44.6% |
| 1994 | 45.0% | 45.0% |
| 1995 | 45.0% | 45.0% |
| 1996 | 44.4% | 44.4% |
| 1997 | 42.2% | 42.2% |
| 1998 | 39.2% | 39.2% |
| 1999 | 35.8% | 35.8% |
| 2000 | 31.1% | 31.1% |
| 2001 | 29.0% | 29.0% |
| 2002 | 30.2% | 30.2% |
| 2003 | 32.3% | 32.3% |
| 2004 | 33.4% | 33.4% |
| 2005 | 33.7% | 33.7% |
| 2006 | 33.3% | 33.3% |
| 2007 | 33.1% | 33.1% |
| 2008 | 37.1% | 37.1% |
| 2009 | 49.2% | 49.2% |
| 2010 | 56.5% | 56.5% |
| 2011 | 60.4% | 60.4% |
| 2012 | 64.2% | 64.2% |
| 2013 | 65.5% | 65.5% |
| 2014 | 66.3% | 66.3% |
| 2015 | 65.3% | 65.3% |
| 2016 | 68.8% | 68.8% |
| 2017 | 68.2% | 68.2% |
| 2018 | 69.5% | 69.5% |
| 2019 | 71.2% | 71.2% |
| 2020 | 90.1% | 90.1% |
| 2021 | 88.3% | 88.3% |
| 2022 | 87.1% | 87.1% |
| 2023 | 89.0% | 89.0% |
| 2024 | 97.8% | 97.8% |
| 2025 | 99.9% | |
| 2026 | 101.7% | |
| 2027 | 103.4% | |
| 2028 | 105.4% | |
| 2029 | 107.2% | |
| 2030 | 109.2% | |
| 2031 | 111.1% | |
| 2032 | 113.0% | |
| 2033 | 115.3% | |
| 2034 | 117.1% | |
| 2035 | 118.5% |
Note: The measure of federal debt is federal debt held by the public, minus financial assets held by the federal government in the form of loans. The federal government took on a large dollar value of student loans post-2009 and this constitutes an asset that should be accounted for when examining the government’s fiscal health.
Source: Congressional Budget Office historical budget data and 10-year budget projections.