If we look back at there are four events that preceded Debt/GDP really taking off.
- The Regan Tax cuts in 81 (in 1980 Debt to GDP was 30%).
- The Bush Tax Cuts/02 recession (Debt/GDP had been falling before that).
- 2008 financial and 4. Trump tax cuts.
Three of these 4 events are all spending cuts (with 2002 being a combination of tax cuts and recession).
