Did the United States Really Grow Out of Its World War II Debt?Julien Acalin · Laurence Ball
The fall in the US federal debt-held-by-the-public/GDP ratio from a postwar peak of 106% in fiscal year 1946 to a trough of 23% in 1974 is widely cited (Elmendorf-Mankiw, Krugman) as evidence that an …