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President Donald Trump was left holding the bag by the Biden administration, as the U.S. national debt has exceeded $36 trillion and continues to climb.
The fiscal policies of the Trump administration added twice the amount to the national deficit as have President Biden’s, a new analysis has found. Trump’s administration borrowed $8.4 ...
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 ...
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]
* 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.
In 1835, the national debt hit a low of $33,733 when Andrew Jackson was president. But the U.S. started borrowing again as the economy entered a recession in 1837.
During the 21st century, it has gone up for various reasons, including tax cuts under presidents Bush and Trump, wars in Iraq and Afghanistan, entitlements like Medicare Part D, and spending in response to the Great Recession and the COVID-19 pandemic. Currently, the U.S. is the industrialized country with the fourth highest debt-to-GDP ratio ...
Now, the Biden-Harris administration isn't the only one responsible for this debt spiral. Former President Donald Trump was also bad.