the debt/gdp ratio drop since 2020 I think was substantially driven by inflation being higher then expected rather than a function of economic growth—debt is in nominal dollars, so 2% real gdp growth + e.g. 8% inflation means that nominal gdp goes up by 10%, but we’re now in a worse situation wrt future debt because interest rates are higher.
the debt/gdp ratio drop since 2020 I think was substantially driven by inflation being higher then expected rather than a function of economic growth—debt is in nominal dollars, so 2% real gdp growth + e.g. 8% inflation means that nominal gdp goes up by 10%, but we’re now in a worse situation wrt future debt because interest rates are higher.