The debt to GDP ratio has varied (a lot) over the history of the United States. Traditionally, the US only went deeply into debt to pay for major wars (the Civil War, WW1, and WW2). Reagan an Obama “changed” that. In 1980, the debt to GDP ratio (see FRED series GFDEGDQ188S) was around 30%. Now it is over 120%. Trump wasn’t exactly a fisc…
The debt to GDP ratio has varied (a lot) over the history of the United States. Traditionally, the US only went deeply into debt to pay for major wars (the Civil War, WW1, and WW2). Reagan an Obama “changed” that. In 1980, the debt to GDP ratio (see FRED series GFDEGDQ188S) was around 30%. Now it is over 120%. Trump wasn’t exactly a fiscal conservative (pre-Covid). Biden is considerably worse (see FRED series FYFSGDA188S). Rogoff is right. Perhaps what is most interesting (and alarming) is how little attention is given to his issue.
The debt to GDP ratio has varied (a lot) over the history of the United States. Traditionally, the US only went deeply into debt to pay for major wars (the Civil War, WW1, and WW2). Reagan an Obama “changed” that. In 1980, the debt to GDP ratio (see FRED series GFDEGDQ188S) was around 30%. Now it is over 120%. Trump wasn’t exactly a fiscal conservative (pre-Covid). Biden is considerably worse (see FRED series FYFSGDA188S). Rogoff is right. Perhaps what is most interesting (and alarming) is how little attention is given to his issue.