(TheRedAlertNews.com) – In new evidence of Joe Biden’s disastrous economic and fiscal policies, the nation’s total federal debt has spiked by over $5 trillion since he occupied the White House just a little over 2.5 years ago.
Fresh data released by the US Treasury Department shows that the debt of the US government has gone from $27.7 trillion to $32.8 trillion since Joe Biden was inaugurated in January 2021.
The new federal debt total now translates into a national debt of over $250,000 for every American household. The increase per household since Biden took over amounts to more than $38,000, Newsmax reports.
The exact figures quoted by The Daily Caller show that when Biden took over the White House on January 20, 2021, the US government’s debt stood at $27,751,896,236,414.77.
Last Friday, August 22, 2023, it already amounted to $32,810,223,546,146.86, an increase of over $5 trillion.
In the couple of days prior, there were some fluctuations, the Treasury data shows. Thus, on August 22, the national debt was $32.759 trillion; on August 23, it declined somewhat to $32.740 trillion.
This again brought the federal debt increase under Biden to under $5 trillion ($4.988 trillion). Yet, it shot back over the five-trillion-dollar threshold over the next few days.
As a result, each one of the roughly 131,202,000 households in the United States, as per Census Bureau data, saw its share of the national debt spike by $38,553,74 during the 31 months that President Joe Biden has been in office.
“The rise in total national debt during Biden’s presidency does not compare favorably with that of recent administrations during the same time periods,” Newsmax comments.
Thus, at this point in the George W. Bush presidency, the total federal debt had increased by “only” $1 trillion.
The second-best fiscal performance over the past 20 years came from the Trump administration, which saw the federal debt grow by nearly $2.5 trillion in its first 31 months in office.
The previous administration in which Biden played a significant role – the Obama administration – piled up a roughly similar amount of federal debt: over $4 trillion over the same time frame of the Obama presidency.
Biden’s 2024 budget proposals project that the national debt would reach over $50 trillion in 2033.
