The national debt, which is currently above $36 trillion, is one issue that the politicians refuse to discuss. They do pledge spending increases and tax cuts, both of which will result in a larger debt load.The Revolutionary War in 1776 marked the beginning of this debt, which by the end of 2000 had grown to $5.674 trillion. In just 24 years, it has grown by an additional $30 trillion.
The last 24 years must be viewed within the framework of presidential terms. Barack Obama added $9.548 trillion in eight years, while George W. Bush added $4.351 trillion. Joe Biden has added $8.472 trillion in less than 4 years, while Donald Trump has added $8.175 trillion in 4 years.
Since inflation and the dollar’s value will skew previous data, analysts frequently compare the debt to GDP, which is a gauge of economic activity. The debt reached 54% of GDP at the end of 2000. The national debt has increased significantly faster than the economy, now accounting for 121% of GDP. It was stated this year that the annual interest paid on the debt now surpasses the annual national defense expenditures.
Additionally, according to the U.S. House Budget Committee, the debt in July came to $266,275 per home. Undoubtedly, the amount of debt is unmanageable, but running on a platform of tax hikes and spending cuts won’t win you an election.
The estimated amount of the national debt is $36,000,000,000,000.
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