By Terence P. Jeffrey, The Daily Caller Foundation | August 29, 2023
The federal debt has now increased more than $5 trillion during President Joe Biden’s administration, according to data released by the U.S. Treasury.
When Biden was inaugurated on Jan. 20, 2021, the total federal debt was $27,751,896,236,414.77, according to the Treasury. By Aug. 22, 2023, it had climbed to $32,759,307,280,146.99—an increase of $5,007,411,043,732.22.
On Aug. 23, the debt declined modestly to $32,740,372,767,613.62, which brought the Biden-era increase back below the $5-trillion threshold (to $4,988,476,531,198.85). But then on Aug 24, it climbed again to $32,777,879,728,405.51; and on Aug. 25, it climbed to $32,810,223,546,146.86.
That is an increase of $5,058,327,309,732.09 from the day Biden was inaugurated.
As of 2022, according to the Census Bureau, there were 131,202,000 households in the United States. That means that the $5,058,327,309,732.09 that the federal debt has increased during Biden’s presidency equals $38,553,74 per household.
The total federal debt of $32,810,223,546,146.86 as of Aug. 25 equals $250,074.11 per household.
When President Donald Trump was inaugurated on Jan. 20, 2017, the total federal debt stood at $19,947,304,555,212.49, according to the numbers published by the U.S. Treasury. By Aug. 25, 2019, it had climbed to $22,430,807,789,262.13—an increase of $2,483,503,234,049.64.
When President Barack Obama was inaugurated on Jan. 20, 2009, the federal debt was $10,626,877,048,913.08, according to the Treasury. By August 25, 2011, it had climbed to $14,653,547,886,356.11—an increase of $4,026,670,837,443.03.
When President George W. Bush was inaugurated on Jan. 20, 2001, the federal debt was $5,727,776,738,304.64, according to the Treasury. By Aug. 25, 2003, it had climbed to $6,789,437,055,838.61—an increase of $1,061,660,317,531.97.
The Daily Caller News Foundation asked the White House Office of Management and Budget whether President Biden believed the federal debt would decline –or to continue to increase—through the rest of his presidency. The White House has not responded.
Table S-10 in President Biden’s fiscal 2024 budget proposal estimates that the total federal debt will increase in each of the next ten fiscal years, hitting $50.683 trillion at the end of fiscal 2033.
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