Resources for TableNational Debt by Year Since 1929 Compared to Nominal GDP and Major Events End of Fiscal Year | Debt (in billions) | GDP (in billions) | Debt/GDP Ratio | Event | 2013 | $16,738 | $16,913 in Q3 | 99% | Sequestration reduced government spending, at the same time the end of Obama's payroll tax holiday raised revenue. The debt hit $17 trillion a few days after the end of the fiscal year. | 2012 | $16,066 | $16,356 | 98% | Obama extended Bush tax cuts, combined with $900 billion in defense spending. | 2011 | $14,790 | $15,612 | 95% | Obama Stimulus Act (ARRA) spent $120 billion. | 2010 | $13,562 | $15,050 | 90% | ARRA budgeted $400 billion. For more, see National Debt Under Obama. | 2009 | $11,910 | $14,384 | 83% | Economy contracted 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%. | 2008 | $10,025 | $14,844 | 68% | Economy contracted 3.7% in Q3 '08, 1.8% in Q1 '08. War on Terror cost $197.6 billion, Bank Bailout Bill cost $350 billion. | 2007 | $9,008 | $14,572 | 62% | Iraq War cost $131.6 billion. | 2006 | $8,507 | $13,911 | 61% | Katrina clean-up was $24.7 billion, swine flu added $6 billion, War on Terror cost $120.4 billion. Ben Bernanke became Fed Chair. | 2005 | $7,933 | $13,207 | 60% | War on Terror cost $107.6 billion. | 2004 | $7,379 | $12,369 | 60% | War on Terror was $94 billion. | 2003 | $6,783 | $11,628 | 58% | Unemployment still at 6%. War on Terror cost $53 billion. | 2002 | $6,228 | $11,040 | 56% | War on Terror added $33.8 billion. | 2001 | $5,807 | $10,644 | 55% | 9/11 attacks worsened the 2011 recession. Bush tax cuts further reduced revenue. | 2000 | $5,674 | $10,364 | 55% |
| 1999 | $5,656 | $9,719 | 58% |
| 1998 | $5,526 | $9,147 | 60% |
| 1997 | $5,413 | $8,692 | 62% |
| 1996 | $5,225 | $8,159 | 64% |
| 1995 | $4,974 | $7,707 | 65% |
| 1994 | $4,693 | $7,352 | 64% |
| 1993 | $4,411 | $6,904 | 64% |
| 1992 | $4,065 | $6,587 | 62% |
| 1991 | $3,665 | $6,218 | 59% | 1991 recession. | 1990 | $3,233 | $6,030 | 54% | Desert Storm. | 1989 | $2,857 | $5,712 | 50% | Savings and Loan Crisis cost $125 billion. | 1988 | $2,602 | $5,300 | 49% |
| 1987 | $2,350 | $4,901 | 48% | Alan Greenspan become Fed Chair. | 1986 | $2,125 | $4,620 | 46% | President Reagan lowered tax rates. | 1985 | $1,828 | $4,395 | 42% |
| 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. | 1979 | $827 | $2,670 | 31% | Volcker became Fed Chair, increasing Fed funds rate to 20% to combat inflation. | 1978 | $772 | $2,399 | 32% |
| 1977 | $699 | $2,122 | 33% |
| 1976 | $620 | $1,891 | 33% |
| 1975 | $533 | $1,714 | 31% | Unemployment from 1973-75 recession peaked at 9% in May, GDP was down 4.8% in Q1 '75. | 1974 | $475 | $1,563 | 30% | Fed raised rates to 13% to fight inflation. Nixon resigned over Watergate. | 1973 | $458 | $1,437 | 32% | OPEC raised oil prices. Nixon went off gold standard, tripling inflation to 9.7%. Fed doubled interest rates. Vietnam War ended. | 1972 | $427 | $1,294 | 33% | Nixon won re-election in a landslide. | 1971 | $398 | $1,180 | 34% | Nixon imposed wage price controls and suspended gold standard. Unemployment from 1970 recession peaked at 6.1% in December | 1970 | $371 | $1,089 | 34% | GDP down 4.2% in Q4 '70. Arthur Burns becomes Fed Chair. | 1969 | $354 | $1,032 | 34% | Nixon became President. | 1968 | $348 | $952 | 36% | Johnson sent 500,000 troops to Vietnam. | 1967 | $326 | $867 | 38% | LBJ created PBS, Product Safety Commission and Air Quality Act. | 1966 | $320 | $821 | 39% | Fed raised interest rates to 5.76% to fight a mild 3.5% inflation. | 1965 | $317 | $750 | 42% | Johnson funds Great Society, creating Medicare, Medicaid and HUD. Sends 100,000 troops to Vietnam. War's total cost will be $111 billion. | 1964 | $312 | $693 | 45% | LBJ announces War on Poverty. | 1963 | $306 | $645 | 47% | Military coup in Vietnam, aided by 16,000 U.S. advisers. Kennedy assassinated. | 1962 | $299 | $610 | 49% | Cuban Missile Crisis. | 1961 | $289 | $568 | 51% | JFK became President. Bay of Pigs. Unemployment peaked at 6.1% in Dec. | 1960 | $286 | $546 | 52% | 1960 recession started in April. GDP fell 4.2% in Q4 '60. | 1959 | $285 | $525 | 54% | Fed raised rates to combat 7.25% growth rate. | 1958 | $276 | $487 | 57% | GDP fell 4.2% in Q4 '57, and another 10.4% in Q1 '58. Unemployment peaked at 7.1% in Sep '58. | 1957 | $271 | $480 | 56% |
| 1956 | $273 | $452 | 60% |
| 1955 | $274 | $431 | 64% |
| 1954 | $271 | $392 | 69% | Recession follows end of Korean War. | 1953 | $266 | $392 | 68% | Korean War ends, total war cost $30 billion. | 1952 | $259 | $368 | 70% |
| 1951 | $255 | $352 | 73% |
| 1950 | $257 | $309 | 83% | Korean War starts. | 1949 | $253 | $273 | 92% | 1949 recession. | 1948 | $252 | $280 | 90% |
| 1947 | $258 | $250 | 103% |
| 1946 | $269 | $228 | 113% | GDP fell 11%. | 1945 | $259 | $228 | 116% | 1945 recession due to end of WWII. War cost $296 billion. | 1944 | $201 | $225 | 89% |
| 1943 | $137 | $203 | 67% |
| 1942 | $72 | $166 | 44% |
| 1941 | $49 | $129 | 38% | Attack on Pearl Harbor, US entered WWII, ending the Great Depression. | 1940 | $43 | $103 | 42% |
| 1939 | $40 | $94 | 43% |
| 1938 | $37 | $87 | 43% |
| 1937 | $36 | $93 | 39% |
| 1936 | $34 | $85 | 40% |
| 1935 | $29 | $74 | 39% |
| 1934 | $27 | $67 | 40% | World trade is down 66% from start of Depression. | 1933 | $23 | $57 | 39% | Roosevelt took office, New Deal signed. Unemployment peaked at 25%. | 1932 | $19 | $60 | 33% | Hoover worsened depression by raising taxes to balance budget. | 1931 | $17 | $77 | 22% |
| 1930 | $16 | $92 | 18% | Stock Market Crash of 1929. Congress passed Smoot-Hawley Tariffs. | 1929 | $17 | $105 | 16% | Hoover maintained high wage controls. Fed raised discount rate to defend gold standard, creating deflation. Combination forces bankruptcies on businesses. |
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