US National Debt by Year, By Kimberly Amadeo, Updated on January 18, 2023. Reviewed by Robert C. Kelly, Fact checked by Emily Ernsberger.
Reversing Course – Learning from the past. In 1946, the U.S. Debt to GDP ratio was 119%. This was at a time following WWII when national resources were dedicated to the war effort. This ratio was exceeded for the first time in 2020 at 129% and was 123% in 2022.
After WWII, the U.S. owned half the world’s markets. Pent-up demand for manufactured goods created a middle class and led to reductions in the debt-to-GDP ratio to as low as 31% in 1981. Global competition and failure to understand and adopt the better quality management methods pioneered by W. Edwards Deming (that ironically were classified during WWII), continue to contribute to a loss in American productivity and competitiveness.
Ironically, although the quality methods were de-classified after the War, they continue to be a well-kept secret in America. The solution? Apply the better methods that will result in what Deming referred to as a Chain Reaction – improve quality, costs decrease, productivity improves, capture the market with better quality and lower costs, stay in business, create jobs and more jobs. The additional context is provided at: https://successthroughquality.com/
April 21, 2020. U.S. Debt to Surge Past Wartime Record, Deficit to Quadruple, By Christopher Condon and Dave Merrill