The problem with debt to GDP is that it doesn't tell you anything about how "dangerous" the debt is, just how big it is compared to GDP. It would be more interesting to see interest payments vs tax revenue because at least those tell you something (better than nothing) about the risk of default.
>But I wonder if it is still a good measure as much of that new GDP is flowing to the 1%.
You'll have to factor in interest rates for that comparison. 60% of household debt at 5% interest is much worse than 80% of household debt at 2% interest.