Two years ago, the Republicans caved by giving President Biden a blank check to borrow whatever and how ever much money he wanted to spend. On that day, the US debt stood at $31.46 Trillion. Within a month, the US had borrowed another Trillion dollars. Here we are with $36.21 Trillion in debt. (By the way, our national debt is the same now as it was on inauguration day, FYI)
They are borrowing money at incredible rates. We now are borrowing $1.5 Trillion each and every year.
It took this nation over 200 years to borrow a trillion dollars. Trump did it in seven months, Obama did it in only 6 months. It took Biden 9 months to borrow his first Trillion dollars, but he soon got better at it. His second trillion took three months, borrowing $2 trillion in his first year. In fact, he has increased the national debt by 118% in just two and a half years.
Biden increased the National Debt by 30% in four years, a total of $4.5 trillion.
President Trump increased the National Debt by 141% in his first four years.
Obama increased the debt by 194% in eight years.
President George W Bush borrowed his first trillion dollars in two and a half years. He borrowed his second trillion a year and a half later. Another two years, another $1 trillion. All told, President Bush borrowed $5 trillion in 8 years, increasing the national debt by 187%.
It took President Clinton 3 and a half years to borrow his first trillion dollars. All told, he borrowed $1.2 trillion in his first term, and $600 billion in his second. He increased the national debt by 140% in eight years.
George HW Bush borrowed his first trillion in 3 years, and he increased the National debt by 170% in four years.
Reagan borrowed his first trillion in 6 years, and doubled the National debt during his eight years in the White House.
Carter increased the National debt by 150%, but “only” borrowed $300 billion in 4 years. I guess that was when $1 Billion was real money.
Ford increased the debt by 147% in 3 years., Nixon by 135% in 5 years, Johnson by 116% in 6 years, Kennedy by 106% in 2 years, Eisenhower by 108% in eight years.
Democrats, and Republicans, both in a contest to see who can spend the most in our society of “how much can you give me if I vote for you.”
Remember when the Biden spokeswoman told us that borrowing trillions didn’t cost anything because it was already accounted for? Note that we weren’t really allowed to increase the debt until we divorced from the gold standard during the Nixon administration. Ever since then, spend, spend, spend. This nation creates money as fast as computers can create the 1′ and 0’s at the Fed. This can’t continue. By definition, anything that can’t continue, won’t. There is no amount of voting that will fix this.