In: Economics
The national debt and debt to gdp percentage has risen at a very
rapid rate during 2008 to 2013 to the 2008 financial crisis in
which government had to bail out the banks and then expansionary
fiscal policy was in place so that the economy could recover. The
tax cuts announced in 2011 also reduced government revenue.
The debt and debt to gdp have also risen during two other major
events -
after the 9/11 attacks and during the present government due to
corporate tax cuts and increased defense spending.