Joe Biden is presiding over one of the largest budget deficits in American history.
With less than a year in office, he’s already overseen a trillion-dollar explosion in the national debt.
And all signs point to the fact that it’s only going to get worse.
Joe Biden has a $1 trillion problem.
With just months into his term in office, Joe Biden is already facing the largest budget deficit of any President in American history, and all signs point to the fact that the budget crunch is only going to get worse in the coming years.
The United States is already effectively broke, with over $27 trillion in debt and with an annual deficit of well over $1 trillion a year.
But Biden is showing no signs of concern as America barrels towards bankruptcy.
CNS News reports, “The federal debt has increased by more than $1 trillion in the first six months of fiscal 2021, according to the official figures published by the U.S. Treasury.
On Sept. 30, 2020, the last day of fiscal 2020, the federal debt closed at $26,945,391,194,615.15. At the close of business on March 29, it was $27,990,843,257,187.65.Thus, the federal debt has risen $1,045,452,062,572.50 so far in fiscal 2021.”
These are numbers most people would struggle to even comprehend.
But to put it into perspective, Biden is on track to oversee more debt racked up onto the Federal credit card in less than two years than Ronald Reagan did in 8 years, with a nuclear arms race with the Soviet Union that dove Federal spending to new highs back in the 1980s.
Biden is blowing those records out of the water.
In fact, the 46th President is overseeing Federal spending that is rivaling even Barack Obama in terms of size and scope.
“It took 205 years from the founding of the republic in 1776 for the federal government to accumulate its first $1 trillion in debt. At the close of business on Sept. 30, 1981, the last day of fiscal 1981, the debt stood at $997,855,000,000.00, according to the Monthly Statement of the Public Debt. By Oct. 31, 1981, it had risen to $1,005,042,000,000.00.” adds CNS News.
At this rate, the United States will spend well over $8 trillion in just four years, a new record that breaks George Bush’s 8 year term in office, and nearly matches the $10 trillion deficit growth that Obama added to the Federal tab during his two terms in office as well.
Should Biden win re-election in 2024 and serve a full 8 years in office, the Federal budget is on track to rack up a staggering $16 trillion in just 8 years.
That’s more money than the entire Federal debt stood at until 2012, when Obama won re-election and proceeded to grow the debt by around another $4 trillion until he left office in 2017.
“The current federal debt of $27,990,843,257,187.65 equals $278,725.96 for each of the 100,424,240 income-tax-paying units there were in the United States in 2018.” concludes CNS News.