America's Debt Overhang

Growth or Austerity, and other Policy Choices
By Samuel Sherraden, Sherle Schwenninger, New America Foundation
September 16, 2009
Related Programs:
Economic Growth Program, Smart Globalization Initiative
The bursting of the housing and credit bubble has left the United States with a large debt overhang. America’s total debt is at a historical high of 373% of GDP and has more than doubled since 1980, when it stood at 161%. Household and financial sector debt has accounted for the lion’s share of the increase.

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