The national debt surpassed $31 trillion for the first time. How Much Happened Under Biden?


US national debt surpasses $31 trillion For the first time on Oct. 3, according to newly released Treasury data. President Joe Biden has followed in his predecessor’s footsteps and contributed significantly to that increase.

National debt, including public debt and debt held within the government, is a feature of the American ledger. Since the founding of the country when it took out loans to support the American Revolution, according to the Treasury Department.

National debt has risen steadily in recent decades, but has increased further during times of foreign intervention and domestic crises such as the Afghanistan and Iraq wars, the Great Recession and the COVID-19 pandemic. . Fiscal policies, such as tax cuts and stimulus packages, could also affect a large increase in debt, according to the Treasury Department.

Economists generally recommend comparing total debt to Gross National Product (GDP) to understand the health of an economy, rather than analyzing debt in isolation. Since 2016, US debt has consistently exceeded GDP, and fiscal conditions have been dire for a long time.

Debt has risen steadily in recent years, but at a rate of significantly increased Throughout the pandemic, according to the Brookings Institution. Federal spending has surged under both Presidents Trump and Biden. trillions of dollars spent on economic stimulusaccording to the Council on Foreign Relations.

The country’s total debt is $27.7 trillion Biden’s inauguration day has grown by more than $3 trillion since then, according to the Treasury Department.

The Federal Responsible Budget Board estimates that: Added over $4.8 trillion The deficit from 2021 to 2031, or close to $2.5 trillion, excludes the impact of the US bailout plan. ”

By comparison, federal debt increased by about $7.8 trillion under then-President Trump 4 years in office $8.6 trillion under then-President Barack Obama 8 years in office.

with five presidents Largest increase in federal debt According to data analyzed by financial news site The Balance, Franklin D. Roosevelt (1048%), Woodrow Wilson (723%), Ronald Reagan (186%), George W. Bush (101%), and Obama (74%).

In a statement to the Associated Press, think tank president Maya McGinius said: – Fragments of laws and administrative measures. ”

we are addicted to debt‘ added McGinius.

The American Rescue Plan, a $1.9 trillion economic stimulus package, and the Control Inflation Act are two of the biggest pieces of legislation signed under Biden. Additionally, he recently signed an executive order canceling some federal student loans. $400 billion.

“I think the point here is that if you weren’t worried about debt before, you should be,” Owen Zider, an economist at Princeton University, told The Associated Press. Then we should be more worried,” he said.

Historically, the cost of repaying U.S. Treasuries has been manageable as interest rates have remained low, but some critics fear this situation may not last long.

“Washington has been piling up debt for a long time, but has been lucky to be bailed out at low interest rates so far,” Brian Riedl, a senior fellow at the Manhattan Institute, told The New York Times. “However, the Treasury never fixed these low rates for the long term, and the current rate hike could clash with its escalating debt. horribly expensive results

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