United States Debt Surpasses $31 TRILLION as Bidenomics Continues to Crush Americans

Biden and his administration continue to break records and none of those records are good. The national debt of the United States just surpassed $31 trillion for the first time in history, according to the Treasury Department that published the data this week on October 4.

As of October 3, data showed that the total national debt was 31.123 trillion, after passing the $30 trillion mark just nine months ago in late January.

President Joe Biden and Congress increased government borrowing amid the COVID-19 pandemic in order to prop up the economy amid job losses and chronic supply chain disruptions, while further borrowing was undertaken to help stimulate the economy coming out of lockdown.

Prior to the pandemic, at the end of 2019, the national debt stood at $22.7 trillion. Just a year later, it had risen to $27.7 trillion and has continued to add gains since.

Let’s Go Brandon is making a comeback as Gas Prices and the Economy TANK Get the Flag Today!

But on October 3, the Committee for a Responsible Federal Budget (CRFB) noted in a statement that the United States has now overcome the most challenges of the pandemic but that the Biden administration continues to borrow huge amounts of money.

President of CRFB, Maya MacGuineas said in the statement, “This is a new record no one should be proud of. Inthe past 18 months, we’ve witnessed inflation rise to a 40-year high, interest rates climbing in part to combat this inflation, and several budget- busting pieces of legislation and executive actions.”

“Just in 2022, Congress and the President have approved a combined $1.9 trillion in new borrowing, and President Biden has approved $4.9 trillion in new deficits since taking office. We are addicted to debt,” MacGuineas said.

In August, inflation reached 8.3% year-over-year in the United States, prompting the Federal Reserve to continue with its aggressive interest hikes in order to bring the cost of living down. The Central bank rolled out another 75 basis-point rate hike on September 21.

The rate hikes make government borrowing more expensive. The budget deficit is expected to be about $1 trillion in2022.

“Even more troubling than where the debt stands now is where it’s going. Our nation faces significant fiscal challenges in the near term. Medicare is only 6 years from insolvency, and Social Security insolvency is only 12 years away. Yet policymakers have put forth no plan to put either program on strong fiscal footing,” MacGuineas said.

“As the end of the year approaches, it is time to remind policymakers that whether to grow the national debt further is within their control. At the very least, they should commit to no further borrowing in 2022, it cannot be too much to ask that they practice paying for their priorities by abstaining from any new borrowing for just 3 months,” MacGuineas said in the statement. “The $31 trillion in deb is a staggering number that should keep them up at night.”

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