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Nine specific government actions during the last 25 years pushed the national debt toward today's crisis levels. Blame Republicans, Democrats — and voters.
That’s basically how we got from a $6 trillion national debt in 2001 to a $33 trillion debt in 2023. So what’s the plan? There are a variety of ways to get the debt under control .
Bearish forecasters note that the government is spiraling deeper into debt, and there's no sign the trend will reverse. Publicly held debt is projected to reach 122.4% of GDP by 2034, up from 97.3 ...
Between 1989-2020, the national debt soared by more than 800% as Congresses and presidents from both parties approved massive spending increases and massive tax cuts at the same time.
The national debt was up to $80,885 per person as of 2020. [153] The national debt equated to $59,143 per person U.S. population, or $159,759 per member of the U.S. working taxpayers, back in March 2016. [154] In 2008, $242 billion was spent on interest payments servicing the debt, out of a total tax revenue of $2.5 trillion, or 9.6%. Including ...
Rising debt and deficits threaten not only economic growth and income levels, but also increase the risk of a severe U.S. fiscal crisis if investors lose faith in the government’s ability to ...
On January 19, 2023, the United States hit its debt ceiling, leading to a debt-ceiling crisis, part of an ongoing political debate within Congress about federal government spending and the national debt that the U.S. government accrues. [1] [2] In response, Janet Yellen, the secretary of the treasury, began enacting temporary "extraordinary ...
Today, silly people like Biden and Sen. Elizabeth Warren (D–Mass.) say we can "fix" our deficit by taxing the rich. Since the stock market's risen almost 30,000 points in 15 years, there are a ...