In 2010, economists Kenneth Rogoff and Carmen Reinhart reported that among the 20 developed countries studied, average annual GDP growth was 3–4% when debt was relatively moderate or low (i.e. under 60% of GDP), but it dips to just 1.6% when debt was high (i.e., above 90% of GDP).
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Public debt as a percentage of GDP reached its highest level during Harry Truman's first presidential term, during and after World War II, but fell rapidly in the post-World War II period, and reached a low in 1973 under President Richard Nixon.
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In the United States, Public Debt Acts are Acts of Congress which set the debt ceiling on the National debt of the United States.