March 2: America’s Ever-Increasing Debt
As of December 2020, America’s total public debt was $27.7 trillion - up 200% from 2008.
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Source: Visual Capitalist and Statista
Published: October 2020 and February 2021
America’s Ever-Increasing Debt
As of December 2020, America’s total public debt was $27.7 trillion - up 200% from 2008 and exceeding the annual Gross Domestic Product (GDP), which is used to measure a country’s total economic output.
From 1994 to 2007, debt averaged about 60% of GDP, however, during the Global Financial Crisis in 2008 the debt began climbing, exacerbated by the COVID-19 pandemic.
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