Debt to GDP Since 1980

National Debt by Year Since 1980:  Compared to Nominal GDP and Major Events

End of Fiscal Year

Debt  (9/30, in  billions)

GDP  (Q3, in  billions)

Debt/  GDP  Ratio           

Event

<http://useconomy.about.com/od/fiscalpolicydefinitions/g/Fiscal_Year.htm>

2015      $18,151 $18,060 101%

http://useconomy.about.com/od/usfederalbudget/fl/Federal-Budget-FY-2015.htm The economy grew a bit faster than the debt, thus reducing the ratio.

2014      $17,824 $17,522 102%

http://useconomy.about.com/od/usfederalbudget/fl/FY-2014-US-Federal-Budget.htm The debt exceeded $18 trillion on December 15, 2014, after the fiscal  year ended. The Fed owned $2.5  trillion of U.S. debt

<http://useconomy.about.com/od/governmentagencies/p/fed.htm>

<http://useconomy.about.com/od/monetarypolicy/f/Who-Owns-US-National-Debt.htm>, thanks to Quantitative Easing

<http://useconomy.about.com/od/glossary/g/Quantitative-Easing.htm>. That  kept interest rates low. Many accused the Fed of simply monetizing the debt

<http://useconomy.about.com/od/monetarypolicy/f/fed_monetizing_debt.htm>.

2013      $16,738 $16,728 100%

<http://useconomy.about.com/od/usfederalbudget/p/US-Government-Federal-Budget-FY2013-Summary.htm>

Sequestration

<http://useconomy.about.com/od/fiscalpolicy/p/Sequestration.htm> reduced government spending, at the same time the end of Obama's payroll tax holiday raised revenue. The U.S. debt hit $17 trillion on October 17, a few days after the end of the fiscal year.

2012      $16,066 $16,228 99%     

<http://useconomy.about.com/od/usfederalbudget/p/US-Government-Federal-Budget-FY2012-Summary.htm>

Obama extended Bush tax cuts

<http://useconomy.about.com/od/usfederaltaxesandtax/tp/Obama-Tax-Cuts.htm>,

combined with $900 billion in defense spending

<http://useconomy.about.com/od/usfederalbudget/p/US-Government-Federal-Budget-FY2012-Summary.htm>. The

debt exceeded $16 trillion on August 31, 2012.

2011      $14,790 $15,587 95%

<http://useconomy.about.com/od/usfederalbudget/p/FY-2011-Federal-Budget.htm>

Obama Stimulus Act

<http://useconomy.about.com/od/candidatesandtheeconomy/a/Obama_Stimulus.htm> (ARRA) spent $120 billion. The debt exceeded $15 trillion on November 15, 2011.

2010      $13,562 $15,058 90%

<http://useconomy.about.com/od/usfederalbudget/p/FY-2010-Federal-Budget.htm>

ARRA budgeted $400 billion. For more, see National Debt Under Obama

<http://useconomy.about.com/od/usdebtanddeficit/p/National-Debt-Under-Obama.htm>. The debt exceeded $13 trillion on June 1, 2010, and $14 trillion on December 31, 2010.

2009      $11,910 $14,384 83%

http://useconomy.about.com/od/usfederalbudget/p/FY-2009-Federal-Budget.htm Economy shrank 8.9% in Q4 '08, 6.7% in Q1 '09, lowering tax revenues.  ARRA spent $241.9 billion. War on Terror cost $79 billion. Fed funds rate lowered to 0%. The debt exceeded $11 trillion on March 16, 2009, and $12 trillion on November 16, 2009.

2008      $10,025 $14,843 67%

http://useconomy.about.com/od/fy2008budget/p/2008_Budget.htm Economy contracted 3.7% in Q3 '08, 1.8% in Q1 '08. War on Terror cost $197.6 billion, Bank Bailout Bill

<http://useconomy.about.com/od/criticalssues/a/govt_bailout.htm> cost $350 billion.

2007      $9,008   $14,570 61%

http://useconomy.about.com/od/usfederalbudget/p/FY-2007-Federal-Budget.htm Iraq War cost

<http://useconomy.about.com/od/usfederalbudget/fl/Cost-of-Iraq-War.htm>$131.6 billion.

2006      $8,507   $13,909 61%

http://useconomy.about.com/od/usfederalbudget/p/FY-2006-Federal-Budget.htm  Katrina clean-up

<http://useconomy.about.com/od/grossdomesticproduct/f/katrina_damage.htm> was $24.7 billion, swine flu

<http://useconomy.about.com/od/criticalssues/a/swine_flu.htm>added $6 billion, War on Terror cost $120.4 billion. Ben Bernanke

<http://useconomy.about.com/od/people/p/Ben_Bernanke.htm> became Fed Chair.

2005      $7,933   $13,205 60%

War on Terror cost $107.6 billion.

2004      $7,379   $12,368 59%

War on Terror was $94 billion.

2003      $6,783   $11,625 58%

Unemployment at 6%. War on Terror cost $53 billion.

2002      $6,228   $11,037 56%

War on Terror added $33.8 billion.

2001      $5,807   $10,640 54%

9/11 attacks

<http://useconomy.about.com/od/Financial-Crisis/f/911-Attacks-Economic-Impact.htm>  worsened the 2011 recession. Bush tax cuts

<http://useconomy.about.com/od/usfederaltaxesandtax/tp/President-George-Bush-Income-Tax-Cuts.htm>  further reduced revenue.

2000      $5,674   $10,357 54%

1999      $5,656   $9,712   58%

1998      $5,526   $9,147   60%

1997      $5,413   $8,692   62%

1996      $5,225   $8,159   64%

1995      $4,974   $7,707   64%

1994      $4,693   $7,352   63%

1993      $4,411   $6,904   63%

Bill Clinton

<http://useconomy.about.com/od/Politics/fl/President-Bill-Clintons-Economic-Policies.htm>

passed Omnibus Budget Reconciliation Act

<http://useconomy.about.com/od/fiscalpolicy/fl/Omnibus-Budget-Reconciliation-Act.htm>

1992      $4,065   $6,587   61%

1991      $3,665   $6,218   58%

1991 recession.

1990      $3,233   $6,030   53%

Desert Storm.

1989      $2,857   $5,712   50%

Savings and Loan Crisis

<http://useconomy.about.com/od/grossdomesticproduct/p/89_Bank_Crisis.htm> cost  $125 billion.

1988      $2,602   $5,300   49%

1987      $2,340   $4,901   48%

Alan Greenspan become Fed Chair.

1986      $2,125   $4,620   46%

President Reagan

<http://useconomy.about.com/od/Politics/p/President-Ronald-Reagan-Economic-Policies.htm> lowered tax rates.

1985      $1,823   $4,395   41%     

1984      $1,572   $4,087   38%

1983      $1,377   $3,692   37%

Unemployment from the 1982 recession peaked at 10.8%.

1982      $1,142   $3,367   34%

1982 recession, GDP fell 6.4% in Q1 '82.

1981      $998      $3,261   31%

Beginning of 1982 recession.

1980      $908      $2,860   32%

1980 recession, Iran oil embargo, GDP fell 7.9% in Q2 '80.

Sent by Dick Anderson