Fairly clear to me:
Determine 1: Federal debt held by public divided by GDP, %. NBER outlined peak-to-trough recession dates shaded grey. Supply: Treasury, GDP through FRED, NBER, writer’s calculations.
There’s a celebration that’s cherished debt over the previous 40 odd years, regardless of protestations. Notice additionally debt/GDP began rising precipitously in 2008Q3 (underneath G.W. Bush). It’s come down since 2021Q1, though rising in most up-to-date quarters.
