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Understanding the various US debt-to-GDP ratios
Headlines earlier this year reported that federal US debt exceeded the size of the US economy. Another way to put that: The US debt-to-GDP ratio is over 100%. Opinions and economic analysis vary about what a sustainable fiscal path looks like in the United States. And the multiple data series in FRED that track the US debt-to-GDP ratio also vary. This post provides some clarification and guidance on understanding this ratio in its many forms and expands the descriptions from a 2025 blog post on this topic. US public debt and intragovernmental transactions Our FRED graph above shows three data series that show US debt ... (full story)