US Total Debt Since 1900

Government debt began the 20th century at less than 20 percent of GDP. It jerked above 45 percent as a result of World War I and above 70 percent in the depths of the Great Depression. Debt has breached 100 percent of GDP twice since 1900: during World War II and in the aftermath of the Crash of 2008.

Federal, State, Local Debt in 20th Century

At the beginning of the 20th century debt was equally divided between federal and state and local debt, totaling less than 20 percent of GDP. After World War I, the total debt surged to 45% of GDP. But by the mid 1920s debt had declined to below 35 percent of GDP. Then came the Great Depression, boosting total public debt to 70 percent of GDP.

World War II boosted federal debt to almost 122 percent of GDP in 1946, with state and local debt adding another 7 percent. For the next 35 years successive governments brought the debt below 50 percent of GDP, but President Reagan increased the federal debt up over 50 percent of GDP, and total debt towards 70 percent to win the Cold War.

President Bush increased the debt to fight a war on terror and bail out the banks in the crisis of 2008. Presidents Trump and Biden increased the debt starting in 2020 to fight the COVID crisis.

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Debt Data Sources

Debt data is from official government sources.

• Federal debt data since 1962 comes from the president’s budget.
  
• Federal debt for 1940-1961 comes from the president’s budget.
  
• Federal debt for 1914-1939 comes from the US Treasury and St. Louis Fed.
  
• Federal debt before 1914 comes from the US Treasury
  
• All other debt data comes from the US Census Bureau.

Gross Domestic Product data comes from US Bureau of Economic Analysis and measuringworth.com.

Detailed table of debt data sources here.

Federal debt data begins in 1792.

State and local debt data begins in 1820.

State and local debt data for individual states begins in 1957.

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