Prior to the Housing Bust, the US Debt-to-GDP ratio was 35%, and prior to Sars-Cov-2 the ratio was 82%. By the end of 20Q2, it was 105.5% of GDP, a staggering rise resulting from $2.8 trillion in new spending and a decline in GDP of 9%. The last time the ratio was this high – the end of WWII. Among larger developed nations, only Japan, Italy and Greece have higher ratios.