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Who is Responsible for the $31 Trillion U.S. National Debt?

 
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Examining the role of presidents in increasing the national debt.

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The United States has a national debt of over $31 trillion, a staggering amount that has been accumulating for decades. But how much of this debt is the president responsible for, and which presidents increased the debt the most? In this article, we will examine the role of presidents in the national debt and explore the factors that have contributed to its growth over the years.

First, it is important to understand that the country now is dealing with the legacy of policy choices made more than 50 years ago. The national debt was relatively small until the 1960s, when the government began to spend more on social programs and defense. The debt continued to grow in the following decades, but it was not until the financial crisis of 2008 that it reached truly alarming levels.

Since then, the national debt has grown at an unprecedented rate, and presidents from both parties have contributed to its growth. Programs such as Social Security and Medicare continue to drive the long-term federal fiscal problem. US debt held by the public as a share of GDP has increased from 35% in 2007 to 100% in 2021.

So, which presidents increased the debt the most? The answer is not straightforward, as different factors contribute to the debt at different times. However, it is worth noting that the last four presidents have all contributed significantly to the national debt. President George W. Bush increased the debt by $5.8 trillion, President Obama by $8.6 trillion, President Trump by $7.8 trillion, and President Biden by $3.3 trillion (as of September 2021).

It is also worth noting that presidents are not solely responsible for the national debt. Congress has the power of the purse and ultimately decides how much money the government spends. In recent years, both parties have been guilty of overspending, and the national debt has continued to rise.

President Biden's proposals, included in the budget he will release on Thursday, are expected to heavily feature tax increases on corporations and the wealthy, as well as new spending on infrastructure and social programs. It remains to be seen how much of these proposals will make it through Congress, but it is clear that the national debt will continue to be a pressing issue.

OPINION — President Biden is preventing a debt ceiling deal and only making the country's staggering debt worse. The debt ceiling is a limit on how much the government can borrow, and it must be raised periodically to avoid defaulting on its obligations. However, Republicans in Congress have been hesitant to raise the debt ceiling without spending cuts, and Democrats have been unwilling to make those cuts.

As the White House and House Republicans play chicken over the debt ceiling, it might be relevant to consider numbers released this week by the Congressional Budget Office. The CBO anticipates that the federal deficit for 2021 will hit $3 trillion, the second-largest deficit as a share of the economy since World War II.

PHILADELPHIA (AP) — As political gridlock puts the government at risk of defaulting, President Joe Biden on Thursday made an opening bid to Republicans to negotiate a deal to increase the federal debt limit.

Biden zeroes in on the deficit ahead of coming showdowns with the GOP over the debt ceiling and federal budget. The president's proposals, included in the budget he will release on Thursday, are expected to heavily feature tax increases on corporations and the wealthy, as well as new spending on infrastructure and social programs.

In conclusion, the national debt is a complex issue that has been growing for decades, and it will take a concerted effort from both parties to address it. While presidents have contributed to the debt, Congress ultimately holds the power of the purse and must be willing to make tough choices to rein in spending. As the country faces a new round of negotiations over the debt ceiling and the federal budget, it is clear that the national debt will continue to be a major issue for years to come.

Labels:
national debtpresidentscongressspendingdeficitdebt ceilingsocial programstax increasesinfrastructurenegotiations

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