ble John Munn National Federal and California State Debt Data Summaries Table 2 Federal Table Historical Page (Davis Virtual Market)
AN INTRODUCTION TO THE NATIONAL AND CALIFORNIA STATE DEBT
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Data Summaries, Table 2: Federal Government Financial History

Table 2 shows how inflation and federal deficits have changed and how GDP and the national debt have grown since 1932, especially in the years since 1980, and during periods of war, peace, inflation, depression, and the oversight of different Presidents. It also gives some perspective on changes over time.

Table 2 - Federal Government Financial Data

Year
President
Name
Budget
Date
Inflation
Rate (%)   1
Gross Dom.
Prod. (T$)   2
Annual Deficit
(B$)   3
Total Debt
(B$)   4
Debt/GDP
(%)   9
2026 Trump 2 NA NA NA NA NA NA
2025 Trump 2 9/30/25 2.6 31.10 -1,775.4 37,638 121
2024 Biden 9/30/24 2.9 29.83 -1,831.0 35,465 119
2023 Biden 9/30/23 4.1 28.42 -1,693.7 33,167 117
2022 Biden 9/30/22 8.0 26.77 -1,375.9 30,929 116
2021 Biden 9/30/21 4.7 24.81 -2,775.4 28,429 115
2020 Trump 1 9/30/20 1.2 22.09 -3,132.5 26,945 122
2019 Trump 1 9/30/19 1.8 21.93 -983.6 22,719 104
2018 Trump 1 9/30/18 2.4 20.92 -779.1 21,516 103
2017 Trump 1 9/30/17 2.1 20.04 -665.4 20,245 101
2016 Obama 9/30/16 1.3 19.09 -584.6 19,573 103
2015 Obama 9/30/15 0.1 18.44 -442.0 18,151 98
2014 Obama 9/30/14 1.6 17.91 -484.8 17,824 100
2013 Obama 9/30/13 1.5 17.19 -679.8 16,738 97
2012 Obama 9/30/12 2.1 16.42 -1,076.6 16,066 98
2011 Obama 9/30/11 3.2 15.84 -1,299.6 14,790 93
2010   5 Obama 9/30/10 1.6 15.31 -1,294.4 13,562 89
2009 Obama 9/30/09 -0.4 14.65 -1,412.7 11,910 81
2008 G.W. Bush 9/30/08 3.8 14.61 -458.6 10,025 69
2007 G.W. Bush 9/30/07 2.8 14.72 -160.7 9,008 61
2006 G.W. Bush 9/30/06 3.2 14.04 -248.2 8,507 61
2005 G.W. Bush 9/30/05 3.4 13.32 -318.3 7,933 60
2004 G.W. Bush 9/30/04 2.7 12.53 -412.7 7,379 59
2003 G.W. Bush 9/30/03 2.3 11.77 -377.6 6,783 58
2002 G.W. Bush 9/30/02 1.6 11.06 -157.8 6,228 56
2001 G.W. Bush 9/30/01 2.8 10.66 128.2 5,807 54
2000 Clinton 9/30/00 3.4 10.44 236.2 5,674 54
1999 Clinton 9/30/99 2.2 9.90 125.6 5,656 57
1998 Clinton 9/30/98 1.6 9.29 69.3 5,526 59
1997 Clinton 9/30/97 2.3 8.77 -21.9 5,413 62
1996 Clinton 9/30/96 3.0 8.26 -107.4 5,225 63
1995 Clinton 9/29/95 2.8 7.77 -164.0 4,974 64
1994 Clinton 9/30/94 2.6 7.46 -203.2 4,693 63
1993 Clinton 9/30/93 3.0 7.01 -255.1 4,411 63
1992 G. H. Bush 9/30/92 3.0 6.68 -290.3 4,065 61
1991 G. H. Bush 9/30/91 4.2 6.26 -269.2 3,665 59
1990 G. H. Bush 9/28/90 5.4 6.00 -221.0 3,233 54
1989 G. H. Bush 9/29/89 4.8 5.75 -152.6 2,857 50
1988 Reagan 9/30/88 4.1 5.40 -155.2 2,602 48
1987 Reagan 9/30/87 3.6 5.01 -149.7 2,350 47
1986 Reagan 9/30/86 1.9 4.66 -221.2 2,125 46
1985 Reagan 9/30/85 3.6 4.44 -212.3 1,823 41
1984 Reagan 9/30/84 4.3 4.15 -185.4 1,572 38
1983 Reagan 9/30/83 3.2 3.79 -207.8 1,377 36
1982 Reagan 9/30/82 6.2 3.40 -128.0 1,142 34
1981 Reagan 9/30/81 10.3 3.28 -79.0 998 30
1980 Carter 9/30/80 13.5 2.99 -73.8 908 30
1979 Carter 9/30/79 11.3 2.72 -40.7 827 30
1978 Carter 9/30/78 7.6 2.48 -59.2 772 31
1977 Carter 9/30/77 6.5 2.16 -53.7 699 32
1976   6 Ford 6/30/76 5.8 1.93 -88.5 620 32
1975 Ford 6/30/75 9.1 1.76 -53.2 533 30
1974 Nixon 6/30/74 11.0 1.60 -6.1 475 30
1973 Nixon 6/30/73 6.2 1.48 -14.9 458 31
1972 Nixon 6/30/72 3.2 1.33 -23.4 427 32
1971 Nixon 6/30/71 4.4 1.19 -23.0 398 33
1970 Nixon 6/30/70 5.7 1.09 -2.8 371 34
1969 Nixon 6/30/69 5.5 1.04 3.2 354 34
1968 Johnson 6/30/68 4.2 0.97 -25.2 348 36
1967 Johnson 6/30/67 3.1 0.88 -8.6 326 37
1966 Johnson 6/30/66 2.9 0.83 -3.7 320 39
1965   7 Johnson 6/30/65 1.6 0.77 -1.4 317 41
1964 Johnson 6/30/64 1.3 0.70 -5.9 312 45
1963 Kennedy 6/30/63 1.3 0.65 -4.8 306 47
1962 Kennedy 6/30/62 1.0 0.61 -7.1 298 49
1961 Kennedy 6/30/61 1.0 0.58 -3.3 289 50
1960 Eisenhower 6/30/60 1.7 0.54 0.3 286 53
1959 Eisenhower 6/30/59 0.7 0.53 -12.8 285 54
1958 Eisenhower 6/30/58 2.8 0.50 -2.8 276 55
1957 Eisenhower 6/30/57 3.3 0.47 3.4 271 58
1956 Eisenhower 6/30/56 1.5 0.46 3.9 273 59
1955 Eisenhower 6/30/55 -0.4 0.44 -3.0 274 62
1954 Eisenhower 6/30/54 0.7 0.40 -1.2 271 68
1953 Eisenhower 6/30/53 0.8 0.39 -6.5 266 68
1952 Truman 6/30/52 1.9 0.38 -1.5 259 68
1951 Truman 6/29/51 7.9 0.36 6.1 255 71
1950 Truman 6/30/50 1.3 0.32 -3.1 257 80
1949 Truman 6/30/49 -1.2 0.27 0.6 253 94
1948 Truman 6/30/48 8.1 0.28 11.8 252 90
1947 Truman 6/30/47 14.4 0.26 4.0 258 99
1946 Truman 6/28/46 8.3 0.23 -15.9 269 117
1945 F. Roosevelt 6/30/45 2.3 0.23 -47.6 259 112
1944 F. Roosevelt 6/30/44 1.7 0.22 -47.6 201 91
1943 F. Roosevelt 6/30/43 6.1 0.20 -54.6 137 68
1942 F. Roosevelt 6/30/42 10.9 0.17 -20.5 72 43
1941 F. Roosevelt 6/30/41 5.0 0.13 -4.9 49 38
1940 F. Roosevelt 6/29/40 0.7 0.10 -2.9 43 43
1939 F. Roosevelt 6/30/39 -1.4 0.09 -2.8 40 45
1938 F. Roosevelt 6/30/38 -2.1 0.09 -0.1 37 41
1937 F. Roosevelt 6/30/37 3.6 0.09 -2.2 36 40
1936   8 F. Roosevelt 6/30/36 1.5 0.08 -4.3 34 42
1935 F. Roosevelt 6/29/35 2.2 0.07 -2.8 29 41
1934 F. Roosevelt 6/30/34 3.1 0.07 -3.6 27 39
1933 F. Roosevelt 6/30/33 -5.1 0.06 -2.6 23 38
1932 Hoover 6/30/32 -9.9 0.06 -2.7 19 32

  1. Inflation rate in percent calculated from consumer price index published by Bureau of Labor Statistics. Taken from https://www.usinflationcalculator.com/inflation/historical-inflation-rates/
  2. US gross domestic product in trillions of current dollars (not inflation adusted) from US Bureau of Economic Analysis. Taken from https://www.multpl.com/us-gdp/table/by-year
  3. 2024 -1932 total US Revenue and Spending from The White House - President's Bundget (Historical Tables). 2025 from Combined Statement of Receipts, Outlays, & Balances of the US Government.
  4. Total Debt in billions of dollars from U.S. Treasury. Taken from https://fiscaldata.treasury.gov/datasets/ historical-debt-outstanding/historical-debt-outstanding
  5. Affordable Care Act signed into law
  6. Budget year changed from 6/30 to 9/30. Extra quarter added to 1976 revenue and outlay totals.
  7. Medicare signed into law.
  8. Social Security signed into law.
  9. Total Debt divided by Gross Domestic Product (expressed as a percentage).

Note: Sum of Deficits is much smaller than Total Debt. Both are from credible sources. So, debt must include more than sum of deficits?


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