Money
Timeline: 150 Years of U.S. National Debt
Looking Back at 150 Years of U.S. Debt
The total U.S. national debt reached an all-time high of $28 trillion* in March 2021, the largest amount ever recorded.
Recent increases to the debt have been fueled by massive fiscal stimulus bills like the CARES Act ($2.2 trillion in March 2020), the Consolidated Appropriations Act ($2.3 trillion in December 2020), and most recently, the American Rescue Plan ($1.9 trillion in March 2021).
To see how America’s debt has gotten to its current point, we’ve created an interactive timeline using data from the Congressional Budget Office (CBO). It’s crucial to note that the data set uses U.S. national debt held by the public, which excludes intergovernmental holdings.
*Editor’s note: This top level figure includes intragovernmental holdings, or the roughly $6 trillion of debt owed within the government to itself.
What Influences U.S. Debt?
It’s worth pointing out that the national debt hasn’t always been this large.
Looking back 150 years, we can see that its size relative to GDP has fluctuated greatly, hitting multiple peaks and troughs. These movements generally correspond with events such as wars and recessions.
Decade | Gross debt at start of decade (USD billions) | Avg. Debt Held By Public Throughout Decade (% of GDP) | Major Events |
---|---|---|---|
1900 | - | 4.8% | - |
1910 | - | 10.0% | World War I |
1920 | - | 22.9% | The Great Depression |
1930 | $16 | 36.4% | President Roosevelt's New Deal |
1940 | $40 | 75.1% | World War II |
1950 | $257 | 56.8% | Korean War |
1960 | $286 | 37.3% | Vietnam War |
1970 | $371 | 26.1% | Stagflation (inflation + high unemployment) |
1980 | $908 | 33.7% | President Reagan's tax cuts |
1990 | $3,233 | 44.7% | Gulf War |
2000 | $5,674 | 36.6% | 9/11 attacks & Global Financial Crisis |
2010 | $13,562 | 72.4% | Debt ceiling is raised by Congress |
2020 | $27,748 | 105.6% | COVID-19 pandemic |
2030P | - | 121.8% | - |
2040P | - | 164.7% | - |
2050P | - | 195.2% | - |
Source: CBO, The Balance
To gain further insight into the history of the U.S. national debt, let’s review some key economic events in America’s history.
The Great Depression
After its WWI victory, the U.S. enjoyed a period of post-war prosperity commonly referred to as the Roaring Twenties.
This led to the creation of a stock market bubble which would eventually burst in 1929, causing massive damage to the U.S. economy. The country’s GDP was cut in half (partially due to deflation), while the unemployment rate rose to 25%.
Government revenues dipped as a result, pushing debt held by the public as a % of GDP from its low of 15% in 1929, to a high of 44% in 1934.
World War II
WWII quickly brought the U.S. back to full employment, but it was an incredibly expensive endeavor. The total cost of the war is estimated to be over $4 trillion in today’s dollars.
To finance its efforts, the U.S. relied heavily on war bonds, a type of bond that is marketed to citizens during armed conflicts. These bonds were sold in various denominations ranging from $25-$10,000 and had a 2.9% interest rate compounded semiannually.
Over 85 million Americans purchased these bonds, helping the U.S. government to raise $186 billion (not adjusted for inflation). This pushed debt above 100% of GDP for the first time ever, but was also enough to cover 63% of the war’s total cost.
The Postwar Period
Following World War II, the U.S. experienced robust economic growth.
Despite involvement in the Korea and Vietnam wars, debt-to-GDP declined to a low of 23% in 1974—largely because these wars were financed by raising taxes rather than borrowing.
The economy eventually slowed in the early 1980s, prompting President Reagan to slash taxes on corporations and high earning individuals. Income taxes on the top bracket, for example, fell from 70% to 50%.
2008 Global Financial Crisis
The Global Financial Crisis served as a precursor for today’s debt landscape.
Interest rates were reduced to near-zero levels to speed up the economic recovery, enabling the government to borrow with relative ease. Rates remained at these suppressed levels from 2008 to 2015, and debt-to-GDP grew from 39% to 73%.
It’s important to note that even before 2008, the U.S. government had been consistently running annual budget deficits. This means that the government spends more than it earns each year through taxes.
The National Debt Today
The COVID-19 pandemic damaged many areas of the global economy, forcing governments to drastically increase their spending. At the same time, many central banks once again reduced interest rates to zero.
This has resulted in a growing snowball of government debt that shows little signs of shrinking, even though the worst of the pandemic is already behind us.
In the U.S., federal debt has reached or surpassed WWII levels. When excluding intragovernmental holdings, it now sits at 104% of GDP—and including those holdings, it sits at 128% of GDP. But while the debt is expected to grow even further, the cost of servicing this debt has actually decreased in recent years.
This is because existing government bonds, which were originally issued at higher rates, are now maturing and being refinanced to take advantage of today’s lower borrowing costs.
The key takeaway from this is that the U.S. national debt will remain manageable for the foreseeable future. Longer term, however, interest expenses are expected to grow significantly—especially if interest rates begin to rise again.
Money
Mapped: The World’s Most Expensive Real Estate Markets
The top 20 list includes six French cities.

Mapped: The World’s Most Expensive Real Estate Markets
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Key Takeaways
- Monaco is the world’s most expensive real estate market, followed by New York City and Hong Kong
- This top 20 list also includes six French cities
In this graphic, we explore the world’s most expensive real estate markets, using data as of December 2024. The rankings are based on the average price per square meter for a prime 100–200 m² (1,075-2,150 sq. ft) apartment, sourced from New World Wealth and Henley & Partners.
What Is “Prime” Real Estate?
“Prime” real estate refers to properties in the most desirable global locations—whether for lifestyle, investment, or prestige. These homes typically share four key characteristics:
- High-Value: Located in top-tier global cities or exclusive resort areas, with premium price tags per square meter.
- Luxury-Oriented: High-end properties boasting top-tier amenities, design, and finishes.
- Strategically Located: Found in stable, globally connected markets with strong lifestyle appeal.
- Investment-Linked: Often eligible for residence or citizenship-by-investment programs, offering benefits beyond ownership.
The Global Leaders in Price per Square Meter
At the top of the list is Monaco, where prime real estate prices dwarf those of other markets.
The small principality on the French Riviera is a haven for the ultra-wealthy, driven by its low taxes, exclusive lifestyle, and financial services sector. With limited land and soaring demand, Monaco continues to command the highest prices globally.
City/Region | Country | USD/m² | USD/sq ft |
---|---|---|---|
Monaco | 🇲🇨 Monaco | 38,800 | 3,603 |
New York City | 🇺🇸 USA | 27,500 | 2,554 |
Hong Kong | 🇭🇰 Hong Kong SAR | 26,300 | 2,444 |
London | 🇬🇧 UK | 24,000 | 2,230 |
Saint-Jean-Cap-Ferrat | 🇫🇷 France | 21,200 | 1,971 |
Paris | 🇫🇷 France | 20,400 | 1,895 |
Sydney | 🇦🇺 Australia | 19,500 | 1,812 |
Palm Beach | 🇺🇸 USA | 18,000 | 1,672 |
Miami Beach | 🇺🇸 USA | 17,800 | 1,653 |
Los Angeles | 🇺🇸 USA | 17,500 | 1,627 |
Singapore | 🇸🇬 Singapore | 16,700 | 1,551 |
Geneva | 🇨🇭 Switzerland | 15,200 | 1,412 |
Nice | 🇫🇷 France | 15,000 | 1,395 |
Portofino | 🇮🇹 Italy | 15,000 | 1,395 |
Cannes | 🇫🇷 France | 14,800 | 1,376 |
Tokyo | 🇯🇵 Japan | 14,700 | 1,367 |
Lugano | 🇨🇭 Switzerland | 14,600 | 1,358 |
Antibes | 🇫🇷 France | 14,500 | 1,349 |
Porto Cervo | 🇮🇹 Italy | 14,500 | 1,349 |
Èze | 🇫🇷 France | 14,400 | 1,340 |
In second place is New York City, consistently ranked the world’s leading financial center. Home to billionaires, major investment firms, and iconic luxury developments, NYC remains a global magnet for capital and prestige real estate.
Hong Kong ranks third, reflecting its ongoing role as a global finance hub. With limited land supply, strong investor demand, and its strategic location in Asia, Hong Kong’s prime real estate market remains one of the most expensive on Earth.
Learn More on the Voronoi App 
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