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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.
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.
Indeed, debt-to-GDP took a nearly 30-year dive to reach 23 percent in 1974. Today, federal debt is projected—again, under the rosiest scenarios—to rise to 166 percent in 30 years.
* The COVID-19 pandemic and the Great Resignation had a dramatic influence in statistics presented, including a sharp increase in unemployment rate at the time of changes from Trump to Biden. Annualized change in unemployment rate over each presidency from Truman to Biden, ordered from best-performing to worst-performing economic performance.
[6] [7] After the 2024 United States presidential election, Donald Trump supported eliminating the debt ceiling. [8] The debt ceiling is an aggregate figure that applies to gross debt, which includes debt in the hands of the public and intra-government accounts. As of October 2013, about 0.5 percent of the debt is not covered by the ceiling. [9]
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 ...
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 ...
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 ...