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If the Trump administration fails to correct the mistakes made during the Biden era, it could prove catastrophic for the U.S. economy. President Joe Biden didn't just put America in a budget bind now.
Indeed, debt-to-GDP took a nearly 30-year dive to reach 23 percent in 1974. ... the Biden-Harris administration isn't the only one responsible for this debt spiral. Former President Donald Trump ...
Public debt rose sharply during George W. Bush's presidency and in the wake of the 2007–2008 financial crisis, with resulting significant tax revenue declines and spending increases, such as the Emergency Economic Stabilization Act of 2008 and the American Recovery and Reinvestment Act of 2009. [14]
Over a century later, the public debt topped $1 trillion for the first time in 1982 under Ronald Reagan and more than doubled during his presidency — and it's been climbing steadily since then.
During the presidency of George W. Bush, debt held by the public increased from $3.339 trillion in September 2001 to $6.369 trillion by the end of 2008. [ 34 ] [ 35 ] In the aftermath of the global financial crisis of 2007–08 and related significant revenue declines and spending increases, debt held by the public increased to $11.917 trillion ...
Trump’s administration borrowed $8.4 trillion during the former president’s time in office, while Biden has borrowed $4.3 trillion, according to an analysis by the Committee for a Responsible ...
American student loan debt is sky-high, with some estimates putting the total number over $2.19 trillion—that’s higher than all U.S. credit card and auto loan debt combined. President Joe ...
The organization reports that for the first time, America’s $1.6 trillion college debt declined over the last year thanks to President Biden’s policies, which forgave a significant amount of ...