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Musing-Weekly Newsletter

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​U.S. National Debt to GDP Growing Rapidly; Does it Make a Difference?
September 09, 2019
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To fight World War II, the U.S. ran the U.S. National Debt to over 100% of GDP. It was widely reported that such a drain on the economy was unsustainable, but we had no choice. Between 2000 and 2010, the debt was <40% of GDP. However, since 9/11, the debt as a percentage of GDP has increased by 40% with no end in sight and is projected to reach 100% by 2029. 
 
Figure 1: U.S. Federal Debt as a Percentage of GDP
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​The growth is unprecedented, except in wartime, but take a look at the G7 plus China and Russia. The ratio ranges from 19.5% for Russia to 234.2% for Japan. We don’t think any Japanese would want to switch economies or lifestyles with Russia.
 
Figure 2: Debt/GPP Percentage for G7 + Russia and China
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Source: World Population Review
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