The U.S. National Debt is approaching $30 Trillion Dollars, and increasing faster than ever before, with an additional $5 Trillion this past year, and the so-called Infrastructure Bill will cost another $2 trillion.
That adds up to about $86,000 for every person living in the USA.to pay it off.
Of course these numbers are from various ‘government agencies’, so the real numbers could be anything – But, I doubt they are any lower.
Is the National Debt. and the ever increasing Budget Deficits relevant to “we, the people?”
The ‘American Rescue Plan’ from March 2021 is not funded. and the deficit is now the highest in the history of the USA.
Of course, the Democrats blame the Republicans and the ‘Trumpites’ blame the Bidenettes’.
Is there anyone who knows “The truth, the whole truth and nothing but the truth?”
As I See It, there is no such thing as ‘the truth’ any more.
But we can look back at some generally accepted Presidential spending in recent years.
For example, President Bush’s, tax cuts added about $5.6 trillion to the national debt.
The last time the U.S. had a budget surplus was under Democrat Bill Clinton.
Then the Trump tax cut added another $1.5 trillion.
One source says that the worst deficits were Barack Obama, Donald Trump, George W. Bush, and Ronald Reagan.
President Obama was the worst with a loss of almost $7 trillion which was a whopping 60% worse than his predecessor
President George W. Bush racked up over $3 Trillion in deficits, a 57% increase, and, his massive tax cuts added almost $860 billion in deficits in its first two years.
On the positive side, Obama’s ‘Patient Protection and Affordable Care Act’ would reduce federal deficits by about $337 billion over 9 years.
But Obama’s ‘American Recovery and Reinvestment Act’ added about $534 billion to the problem.
Donald Trump took office in 2017. By the end of his term, he had a deficit of $5.6 Trillion, an increase of about 33%.
Trump had declared the COVID state of emergency, causing many businesses to close, and he signed the ‘$2 trillion CARES Act’, along with other stimulus measures which reduced tax receipts and created the record deficits.
President Ronald Reagan over-spent about $1.4 trillion by continued spending and reducing income (tax cuts).
Of course even these reported figures are misleading
All these Presidents borrowed from Federal Retirement funds in off-budget transactions.
Each year’s deficit adds to the debt. But the total amount a president adds to the debt each year is usually more than the deficit.
For example, the Social Security Trust Fund has run a surplus since 1987
A president can reduce the deficit by spending these funds instead of borrowing more
For example, Obama added $8.588 trillion to the national debt. But his total budget deficits only showed $6.781 trillion.
Similarly, President Bush showed deficits of $3.293 trillion. But he added $5.849 trillion to the debt. Although most other presidents have run deficits, none has yet came close to those above.
Does all this make any difference to the average American?
You tell me . . . .
