The US nationwide debt has reached a historic excessive below Biden after surpassing $31 trillion. The nationwide debt has all the time been chaotic as politicians push spending agendas with no plans to pay their money owed. The one time the nationwide debt was paid in full was in January 1835 below President Andrew Jackson. The US fell into debt only one yr later because of the Civil Warfare and Jackson’s struggle on the banks.
The final time the US skilled a surplus was in 2001, though the debt nonetheless elevated. COVID spending pushed the nation’s debt to new ranges, and the US authorities spent $3.1 trillion greater than it earned. In 2021, the federal authorities spent $2.8 trillion greater than it earned. Now in 2022, the Biden Administration is asserting a brand new spending plan every week.
Biden spent $1.9 trillion on the American Rescue plan final yr, which many blame for fueling inflation as $400 billion was earmarked for People to remain house and never work. Biden tried to go the $5 trillion Construct Again Higher invoice, the most important proposed invoice in US historical past. When that invoice failed, Biden signed the Inflation Discount Act for $740 billion. Quite a few unbiased research have said that the act will solely worsen inflation.
Biden plans to spend round $400 billion to cancel pupil mortgage debt for households incomes as a lot as $250,000 yearly. So as to add insult to harm, Washington has despatched Ukraine almost $17 billion this yr alone. This administration just isn’t nervous about taxpaying residents, and ultimately, the residents would be the ones footing the invoice for Biden’s extreme spending.
