It's hard to believe than just more than a couple of decades ago, the federal national debt was a "mere" $5 trillion.
When George W. Bush took office in 2001, the national debt was $5 trillion. After eight years of GWB, the debt skyrocketed to $10 trillion.
Then came Barack Obama and eight more years of overspending, printing and borrowing, the debt again doubled from $10 trillion to approximately $20 trillion.
Then came Donald Trump. And now I turn to a tweet by a self-proclaimed Real Estate Investor, Soccer Dad, Political Activist (mostly acting against Trump), and I quote:
"Trump added over $7 trillion in new debt, whereas Biden added under a trillion."Is this accurate, or is this nonsense?
Well the first part is true and the second part is quite false.
Now the second part. If Joe Biden entered the White House with a debt baseline of $27.75 trillion, and the current debt as of one minute ago is $34.58 trillion, I'm sorry Mr. Tweeter, that is much more than "under a trillion".
Simple arithmetic shows that as of now, $6.83 trillion in debt has been accumulated under the Biden administration...and there is approximately 8 months left in his first term.
According to a CNBC analysis/report in March, The debt load of the U.S. is growing at a quicker clip in recent months, increasing about $1 trillion nearly every 100 days.
You do the math.
Regardless, we are moving rapidly in a very dangerous direction, something I say really started during the Bush/Alan Greenspan years and is not showing any sign of slowing down.
Related:
Why do we listen to the Fed and most economists?
Is Joe Biden telling the truth? Claims inflation was at 9% when he came into office
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