Great charts. Non-federal debt looks like it might be bottoming, never dipping below the first bank crisis on the chart. That’s concerning. Also, a majority of the people in the US have never seen a sustained decrease in federal debt, ever. This is the norm they were born into.
Discussion
Most of the decline in debt/gdp last time was because nominal gdp (with a significant inflation component) went up, not because debt actually went down.
Going forward, nominal debt will keep going up, and the question is what nominal gdp does.