Ratio of National Debt This graph shows the federal government debt as a proportion of GDP. The debt rose dramatically during the Great Depression and World War II and then was brought back down. The rise in the debt ratio since the early 1970s caused concern because it occurred with neither a massive depression nor a war. Spending cuts during the 1995–2005 period pulled the debt ratio significantly back down. However, during the 2009 recession, the debt ratio rose due to a decrease in government’s tax collections and an increase in government spending.