The US Treasury has released data indicating that the federal debt has risen by over $5 trillion during President Joe Biden’s tenure in office.
The Very Big Numbers
When President Biden assumed office on January 20, 2021, the total federal debt amounted to $27,751,896,236,414.77. Now, it has surged to $32,759,307,280,146.99, marking an increase of $5,007,411,043,732.22. In 2022, the Census Bureau reported 131,202,000 households in the United States. This means that the $5,058,327,309,732.09 increase in federal debt during President Biden’s term equates to approximately $38,553.74 per household. The total federal debt equals about $250,074.11 per household.
A Comparison to Trump
The increase under Trump was reportedly lower. When he took office on January 20, 2017, the total federal debt stood at $19,947,304,555,212.49. By August 25, 2019, it had risen to $22,430,807,789,262.13, signifying an increase of $2,483,503,234,049.64 during his presidency.
A Comparison to Obama
When President Barack Obama was inaugurated on January 20, 2009, the federal debt was $10,626,877,048,913.08. By August 25, 2011, it had escalated to $14,653,547,886,356.11, reflecting an increase of $4,026,670,837,443.03 during his term.
A Comparison to Bush
To compare further, when President George W. Bush assumed office on January 20, 2001, the federal debt stood at $5,727,776,738,304.64. By August 25, 2003, it had risen to $6,789,437,055,838.61, indicating an increase of $1,061,660,317,531.97 during his presidency.
Why the Debt Always Increases
The US national debt evidently increases with each President, albeit at different rates. This is because of a combination of economic cycles, policy priorities, the cost of wars and conflicts, interest payments on existing debt, and the impact of economic growth among many other factors. Economic downturns, policy choices, and demographic factors can lead to increased government borrowing, while major military conflicts and entitlement programs strain the federal budget too.
The Internet Responded
The figures were released across the internet and opinions on the matter were varied. “No one cared when Trump increased the national debt not once!” one person wrote. “Well obviously people who aren’t as right-wing are going to spend more money. It’s not a bad thing. It’s all to do with the cost of helping citizens and sending aid to countries that need it and stuff. Conservatives need to stop thinking they understand data.”
You Can’t Just Blame the Current President
A fair few commenters blamed Donald Trump for the situation, suggesting that Biden needed to spend money to fix the problems he left. “The debt is so high because he’s fixing the absolute disaster that Trump left him,” one person said. “Maybe it’s because he needs to spend money to fix Trump’s mess,” another echoed.
The National Debt Always Grows
Others pointed out that the national debt always grows, no matter who’s in charge. “The national debt hasn’t gone down since the 90s. It’s been progressively growing ever since, regardless of which party is in control. So I just worry about my personal finances instead. The economy tends to grow over time, so that’s all I care about for my long-term investments.”
Inflation, War, and Other Issues
A fair few people shared the view of the aforementioned commenter. One wrote: “So sick of the media doing this. The national debt grows under every president. It’s because of inflation, because of the cost of whatever issues are happening at the time like war, stuff like that. So what if it increased more under Biden than it did under Trump? Probably because Biden’s busy fixing all of the incompetent cheeto’s mistakes.”
Data Is Complicated
Some commenters expressed frustration at right-wingers trying to capitalize on a lack of understanding of data. “Conservatives are really trying anything they can to get Trump back in, huh? Data is more complicated than this and there are a multitude of factors to consider. Come on, guys,” one person said.
There’s More to These Numbers
Others called for conservatives to understand that the situation is more complicated than the numbers. “Right-wingers, why don’t you stop and think for a second? Republicans lower taxes for the rich and increase spending. I’m not going to pretend to be an economic expert and pretend to fully understand these numbers – but I’m pretty sure there must be more to them,” one person wrote.
Others Responded With Sarcasm
Some people left sarcastic comments. One person wrote: “I know. Let’s cut our absolutely ridiculous and unnecessary military spending that is literally more than the rest of the world combined. That would help. What? We’re not doing that? We need debt to fool people into voting fascists in? Ah, I see.”
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