Bill Maher Nails Why Trump Connects With Voters...and Dems Won't Like It
CNN Host: There's No Evidence That Obama or Biden Went After Trump
Virginia Dems Might Want to Correct This Statement Over the Sign That Attacked...
So, That's Why the University of South Carolina Had an Active Shooter Alert
All the Right People in Media Were Mad About John Bolton's Home Being...
Democrats Seem To Love Black Death
And Stay Out!
Should Men Cry In Front Of Women?
Trump Wants Grassley to Tell Dems These Three Words Over 'Blue Slip' Tradition
A Disturbing Number of People Have Signed Petition Supporting Illegal Trucker Accused of...
The Woke Left Goes Lock, Stock, and Cracker Barrel
The Woke Left Goes Lock, Stock, and Cracker Barrel
When 'Woke' Businesses Betray Their Customers
Israel is Not Committing Genocide in Gaza, Despite Hamas Terrorists’ Claims
Rising Anti-Semitism: A Real Crisis Affecting Real People
Tipsheet

New Treasury Department Data Should Be a Cause for Alarm

AP Photo/John Minchillo, File

The total national debt has surpassed $31 trillion, according to Treasury Department data released Tuesday.

While it has been steadily climbing over the years, the debt significantly grew under former President Trump and has continued to do so under President Biden due to pandemic-related spending.

Advertisement

The data shows that during Biden’s tenure, the national debt has increased by more than $3 trillion. It stood at $27.7 trillion the day he took office.

The Committee for a Responsible Federal Budget projects that number to skyrocket in the coming years.

“We estimate the Biden Administration has enacted policies through legislation and executive actions that will add more than $4.8 trillion to deficits between 2021 and 2031, or nearly $2.5 trillion when excluding the effects of the American Rescue Plan,” CRFB said in a September report. “This is on top of the trillions of dollars we were projected to borrow before President Biden took office.”

Indeed, the debt climbed by about $7.8 trillion under former President Trump, and by $8.6 trillion under former President Obama.

Economists warned the ballooning national debt is a major cause for concern.

“I think the point here is if you weren’t worried before about the debt before, you should be — and if you were worried before, you should be even more worried," Princeton economist Owen Zidar told the Associated Press.

Advertisement

CRFB’s president, Maya MacGuineas, said “no one should be proud of” the new record. 

“In the past 18 months, we’ve witnessed inflation rise to a 40-year high, interest rates climbing in part to combat this inflation, and several budget-busting pieces of legislation and executive actions," MacGuineas added. “We are addicted to debt."

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement