Budget
Budget
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As of January 20, 2021, the Biden/Harris administration took office as President and Vice President of the United States. They have been in office for 1,374 as of today October 22, 2024.
For every dollar the federal government takes in, we are spending $1.39. (See Graphic)
Interest costs are taking an increasingly greater share of receipts and have risen significantly since 2017.
In Fiscal Year 2024, $882 billion was spent on interest on the public debt – exceeding both national defense and Medicare. Compared to last fiscal year, the cost to finance our debt increased $254 billion (29%), largely due to higher interest rates.
Net receipts (revenues) were $4.92 trillion, the largest ever.
Net outlays (spending) were $6.75 trillion, the second largest ever.
Resulting in a deficit of $1.83 trillion, the third largest ever….
The resulting risks are high and getting higher. Rising national debt and increasing interest rates pose significant risks to the U.S. dollar and inflation, with complex interrelations between these economic factors.
Is raising taxes and providing more giveaways the answer?
For every dollar the federal government takes in, we are spending $1.39. (See Graphic)
Interest costs are taking an increasingly greater share of receipts and have risen significantly since 2017.
In Fiscal Year 2024, $882 billion was spent on interest on the public debt – exceeding both national defense and Medicare. Compared to last fiscal year, the cost to finance our debt increased $254 billion (29%), largely due to higher interest rates.
Net receipts (revenues) were $4.92 trillion, the largest ever.
Net outlays (spending) were $6.75 trillion, the second largest ever.
Resulting in a deficit of $1.83 trillion, the third largest ever….
The resulting risks are high and getting higher. Rising national debt and increasing interest rates pose significant risks to the U.S. dollar and inflation, with complex interrelations between these economic factors.
Is raising taxes and providing more giveaways the answer?
Finance
Budget
Edited 30 d ago
Posted 30 d ago
Responses: 2
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SPC Jeff Daley, PhD
MSG Stan Hutchison Agreed - They did go down a bit but went back up after the last .5 Fed. rate cut. As of October 22, 2024, the average interest rate for a 30-year fixed mortgage in Arizona is approximately 6.53%. This rate reflects a slight decrease from earlier in the month, where rates were reported around 6.67% on October 14, 2024.
The national 30-year average APR is 6.69%. If we follow the same policies already implemented these rates will climb with inflation affecting your net disposable income.
Enjoy our great weather, it took long enough to get here.
https://www.freddiemac.com/pmms
The national 30-year average APR is 6.69%. If we follow the same policies already implemented these rates will climb with inflation affecting your net disposable income.
Enjoy our great weather, it took long enough to get here.
https://www.freddiemac.com/pmms
See the mortgage rate a typical consumer might see in the most recent Primary Mortgage Market Survey, updated weekly. The PMMS is focused on conventional, conforming fully-amortizing home purchase loans for borrowers who put 20% down and have excellent credit.
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By give-aways, you must be referring to the Trump tax breaks to the ultra-wealthy? DJT raised the federal debt by $7.8 trillion in just one term. That's right, he accumulated the largest (annualized) debt of any President in history. So, that and his bungling of the covid-19 pandemic, requiring an entire "rescue plan" are most recently responsible for increased interest in the debt we are now carrying - in excess of $30T.
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SPC Jeff Daley, PhD
By your downvote, it would seem I violated your sensibilities in giving an update on the National Debt. That was not my intent. While I agree with your data presented, there is gaps in the data because a comparison was not presented between administrations. If we look at both, this is what I found doing a little research as follows:
The national debt has significantly increased under the Biden/Harris administration since they took office on January 20, 2021. Here are the key figures and context regarding this increase:
## Debt Increase Overview
- **Total Increase**:
The national debt has risen by approximately **$7.29 trillion** to **$8 trillion** during Biden's tenure, depending on the source and specific calculations used [1][2][6].
- **Debt at Inauguration**: When Biden took office, the gross national debt was about **$27.8 trillion**. As of October 2024, it stands at over **$35 trillion** [6].
## Key Contributors to Debt Growth
1. **COVID-19 Relief Measures**: A significant portion of the debt increase can be attributed to COVID-19 relief packages, particularly the **American Rescue Plan**, which alone is projected to add about **$1.9 trillion** to the national debt by 2031 [2][4].
2. **Infrastructure Spending**: The bipartisan infrastructure bill signed into law in November 2021 is estimated to cost around **$375 billion** over ten years [2].
3. **Student Loan Forgiveness Programs**: Although the original student loan forgiveness plan was overturned, subsequent plans are expected to cost around **$230 billion** over ten years [2].
4. **Bipartisan and Executive Actions**: Various legislative actions and executive orders have also contributed to the debt increase. For instance, spending appropriations for fiscal years 2022 and 2023 accounted for a substantial part of the increase [3][4].
## Comparison with Previous Administration
Under President Trump, the national debt increased by about **$8.4 trillion**, with a significant portion due to pandemic-related spending as well [5]. In contrast, Biden's borrowing has been less than Trump's but still substantial when considering the ongoing fiscal challenges post-pandemic.
## Future Projections
The Congressional Budget Office (CBO) projects that if current spending levels continue, the national debt could reach approximately **$50 trillion** by 2031 if Biden were to be reelected [1].
In summary, while both administrations have contributed to increasing national debt, Biden's policies have resulted in a notable rise in a relatively short period, primarily driven by pandemic recovery efforts and infrastructure investments.
Under the Trump administration, taxpayers experienced an increase in disposable income primarily due to the Tax Cuts and Jobs Act (TCJA), enacted in December 2017. Homes, food, insurance, and energy were affordable, the border was safer, drugs across the border were diminished, and the Abraham Accords agreements between Israel and Arab nations were signed helping peace in the world.
Citations:
[1] https://www.heritage.org/debt/commentary/the-lefts-7-trillion-lie-biden-far-outpaces-trump-racking-the-national-debt
[2] https://www.investopedia.com/us-debt-by-president-dollar-and-percentage-7371225
[3] https://www.crfb.org/papers/trump-and-biden-national-debt
[4] https://www.foxbusiness.com/politics/presidential-debate-how-much-debt-grow-under-biden-trump-terms
[5] https://thehill.com/business/4736740-trump-biden-fiscal-policy-deficit/
[6] https://www.dailysignal.com/2024/10/22/in-3-charts-the-biden-harris-admins-legacy-of-debt/
[7] https://www.crfb.org/blogs/trump-and-biden-debt-growth
[8] https://www.politifact.com/factchecks/2024/mar/12/joe-biden/fact-checking-joe-biden-on-debt-accumulated-under/
COL John McClellan
The national debt has significantly increased under the Biden/Harris administration since they took office on January 20, 2021. Here are the key figures and context regarding this increase:
## Debt Increase Overview
- **Total Increase**:
The national debt has risen by approximately **$7.29 trillion** to **$8 trillion** during Biden's tenure, depending on the source and specific calculations used [1][2][6].
- **Debt at Inauguration**: When Biden took office, the gross national debt was about **$27.8 trillion**. As of October 2024, it stands at over **$35 trillion** [6].
## Key Contributors to Debt Growth
1. **COVID-19 Relief Measures**: A significant portion of the debt increase can be attributed to COVID-19 relief packages, particularly the **American Rescue Plan**, which alone is projected to add about **$1.9 trillion** to the national debt by 2031 [2][4].
2. **Infrastructure Spending**: The bipartisan infrastructure bill signed into law in November 2021 is estimated to cost around **$375 billion** over ten years [2].
3. **Student Loan Forgiveness Programs**: Although the original student loan forgiveness plan was overturned, subsequent plans are expected to cost around **$230 billion** over ten years [2].
4. **Bipartisan and Executive Actions**: Various legislative actions and executive orders have also contributed to the debt increase. For instance, spending appropriations for fiscal years 2022 and 2023 accounted for a substantial part of the increase [3][4].
## Comparison with Previous Administration
Under President Trump, the national debt increased by about **$8.4 trillion**, with a significant portion due to pandemic-related spending as well [5]. In contrast, Biden's borrowing has been less than Trump's but still substantial when considering the ongoing fiscal challenges post-pandemic.
## Future Projections
The Congressional Budget Office (CBO) projects that if current spending levels continue, the national debt could reach approximately **$50 trillion** by 2031 if Biden were to be reelected [1].
In summary, while both administrations have contributed to increasing national debt, Biden's policies have resulted in a notable rise in a relatively short period, primarily driven by pandemic recovery efforts and infrastructure investments.
Under the Trump administration, taxpayers experienced an increase in disposable income primarily due to the Tax Cuts and Jobs Act (TCJA), enacted in December 2017. Homes, food, insurance, and energy were affordable, the border was safer, drugs across the border were diminished, and the Abraham Accords agreements between Israel and Arab nations were signed helping peace in the world.
Citations:
[1] https://www.heritage.org/debt/commentary/the-lefts-7-trillion-lie-biden-far-outpaces-trump-racking-the-national-debt
[2] https://www.investopedia.com/us-debt-by-president-dollar-and-percentage-7371225
[3] https://www.crfb.org/papers/trump-and-biden-national-debt
[4] https://www.foxbusiness.com/politics/presidential-debate-how-much-debt-grow-under-biden-trump-terms
[5] https://thehill.com/business/4736740-trump-biden-fiscal-policy-deficit/
[6] https://www.dailysignal.com/2024/10/22/in-3-charts-the-biden-harris-admins-legacy-of-debt/
[7] https://www.crfb.org/blogs/trump-and-biden-debt-growth
[8] https://www.politifact.com/factchecks/2024/mar/12/joe-biden/fact-checking-joe-biden-on-debt-accumulated-under/
COL John McClellan
The Left’s $7 Trillion Lie: Biden Far Outpaces Trump in Racking Up the National Debt
Projection is blaming someone else for your own bad behavior. We saw a classic case of projection in Thursday’s presidential debate, when President Biden—who is overseeing annual budget deficits of $2 trillion—asserted that his predecessor, Donald Trump, added more to the federal debt than anyone else.
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