The 2020 number should probably be considered an outlier, since the dramatic drop in GDP in 2020 due to the pandemic increases the ratio.
Now that GDP is recovering, we are falling back onto the trend line towards higher and higher Debt/GDP.
Now that GDP is recovering, we are falling back onto the trend line towards higher and higher Debt/GDP.
So a lot of ignored dollars stopped being ignored even though, in reality, nothing really changed.