In April 2020, the size of the U.S. government’s total public debt outstanding as measured against the country’s GDP spiked up to 135% in the wake of government-mandated pandemic lockdowns. That’s the highest the U.S. national debt-to-GDP ratio has ever been, breaking the previous record of 121% set in the World War II era.
121% is about where the U.S. total national debt-to-GDP ratio is today. It’s been hovering around that level since July 2021. After initially falling rapidly after the economy was allowed to reopen in 2020, progress in lowering the national debt burden has stalled. This stagnation has occurred
