Government debt by country, 1870-2024
Published 19 March 2026
The US Government now has more than $35 trillion in debt. But how did it get there? Look at the data over time and the pattern is clear. Debt accelerates during periods of war, then steps higher once the US becomes the world’s reserve currency, bringing persistent global demand for dollars and a steady expansion in liquidity.
The real break comes with the collapse of the Bretton Woods system and the shift to a fully fiat system, which removes many of the previous constraints on borrowing. From there, debt accumulation becomes easier not just in the US, but across the developed world. What looks like an explosion today is simply these shifts adding up over decades.