State and local government debt has increased or remained roughly stable over recent business cycles: Total state and local government debt outstanding as a percentage of GDP, 1992–2014

Year  Total state & local government debt outstanding (% GDP)
1992 14.92%
1993 14.46%
1994 14.70%
1995 14.55%
1996 14.44%
1997 14.19%
1998 14.12%
1999 14.17%
2000 14.12%
2001 14.63%
2002 15.32%
2003 15.75%
2004 16.10%
2005 15.92%
2006 15.91%
2007 16.64%
2008 17.42%
2009 18.82%
2010 19.01%
2011 18.84%
2012 18.25%
2013 17.71%
2014 17.10%

Note: Shaded areas denote recessions.

Source: Author’s analysis of data from U.S. Census Bureau: State and Local Government Finance and Bureau of Economic Analysis, “Table 1.1.5. Gross Domestic Product

 

View the underlying data on epi.org.