The national debt surpassed $35 trillion for the first time in U.S. history on Monday as exorbitant federal spending continues under President Joe Biden.
Since Biden took office, the national debt has Increased That’s an increase of more than $7 trillion to date, up from $27.7 trillion on January 20, 2021. Over $35 trillion As of July 29, 2024. The debt is estimated at approximately 258.3 million people. adult In the United States, that works out to roughly $135,500 per adult. (Related article: ‘It won’t last forever’: Federal debt grows more than twice as fast as economy grew last quarter)
“How the U.S. government came to be so deeply in debt is reminiscent of the old adage about the onset of bankruptcy: very slowly at first, and then rapidly. The history of the past 60 to 70 years is a history of the U.S. government monopolizing more and more roles, many of which go far beyond the scope of the U.S. Constitution. As the federal government has come to play an ever-increasing role in ordinary citizens’ lives and on the world stage, costs have risen far beyond what taxes can cover,” Peter C. Earl, senior economist at the National Institute for Economic Research, told the Daily Caller News Foundation.
BREAKING: 🇺🇸 The U.S. national debt has topped $35 trillion for the first time in history.
The average debt per American is $103,827.
War is not profitable in itself… pic.twitter.com/YDeNYm23ee
— Radar 🚨 (@RadarHits) July 29, 2024
“Over time, politics in democracies have tended to favor time preference behavior — spending money now and worrying about the consequences later,” Earle told DCNF. “Each side of the so-called Congress has little incentive to live within their means. And as the American people and foreign powers have become increasingly dependent on U.S. government spending, they have demanded more programs and services. These expectations far exceed what can be funded by simple taxation, and so we have a massive mountain of debt that continues to grow.”
Some of the Biden administration’s policies, such as the American Rescue Plan and the Inflation Control Act, have increased the federal deficit. passed it In March 2021, the Inflation Control Act approved $1.9 trillion in spending. passed it It authorized an additional $750 billion in spending in August 2022. (Related: Janet Yellen calls for $78.8 trillion to tackle climate change)
“Politicians use taxpayer money and encourage large amounts of borrowing to satisfy their constituencies, whether they be activists, corporations, foreign powers, or other interests,” Earle told DCNF. “There is no reason for U.S. government officials not to put off the problem, but at some indeterminate time in the future, the crushing weight of the debt will fall upon those in the Oval Office, both houses of Congress, and various cabinet and agency positions in Washington, D.C., who will ultimately be held accountable.”
Biden has also been a strong supporter of student loan debt forgiveness, having forgiven $168.5 billion in debt for 4.76 million student loan borrowers so far. according to To the Department of Education. Most recently, the Biden administration forgave an additional $1.2 billion in debt for 35,000 borrowers on July 18. (Related article: Congressional Budget Office says foreign aid and student loan forgiveness are behind big jump in deficit estimate)
“Aside from a resolution based on full repayment and satisfaction of the terms of the borrowing, several scenarios are possible, including significantly higher interest rates on U.S. debt, significantly higher taxes, slower growth, and likely higher inflation,” Earle told DCNF. “Perhaps most importantly, the American people would suddenly realize that many of the government-funded goods and services they rely on are based not on thrift or hard work, but on irresponsible and careless borrowing.”
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