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”