In President Joe Biden's first 1,142 days in office, the federal debt increased more than any of his predecessors.
According to , when Biden took office on January 20, 2021, the total federal debt was $27,751,896,236,414.77. Published data According to the Ministry of Finance. As of March 6, 2024 (the last day for which figures were reported), the total federal debt was $34,440,831,955,756.54.
This means the federal debt increased by $6,688,935,719,341.77 in Biden's first 1,142 days in office.
Considering that U.S. payrolls in February were 160,968,000. according to Biden's $6,688,935,719.341.77 increase in debt equates to about $41,554.44 per worker, according to the Bureau of Labor Statistics.
When President George W. Bush took office on January 20, 2001, the total federal debt was $5,727,776,738,304.64. This means that the debt has increased more during President Biden's tenure than from the founding of the nation until President George W. Bush took office. (Related: All about federal taxes, spending, and deficits from Q1 FY2023 to FY2024)
By March 6, 2004, or 1,142 days into the Bush administration's first term, the federal debt had increased by $1,371,790,557,261.15 to a total of $7,099,567,295,565.79.
The $1,371,790,557,261.15 debt increase during the first 1,142 days of the Bush presidency, adjusted for inflation from March 2004 dollars to January 2024 dollars (using the Bureau of Labor Statistics) inflation calculator), equivalent to approximately $2,257,649,550,000.
As of February 2004, 138,542,000 people were employed in the United States. This means that the debt increase over the same period under the Bush administration was equivalent to about $16,296 per worker in January 2024 dollars.
When President Barack Obama took office on January 20, 2009, the total federal debt was $10,626,877,048,913.08. On March 6, 2012, the 1,142nd day of the Obama administration's first term, the amount increased by $4,872,146,580,769.36 to a total of $15,499,023,629,682.44.
The $4,872,146,580,769.36 increase in debt incurred during the first 1,142 days of the Obama administration equates to approximately $6,550,589,520,000 in January 2024 dollars. This is slightly less than the $6,687,053,831,546 increase during the first 1,142 days of the Biden administration.
As of February 2012, 141,858,000 people were employed in the United States. According to BLS. The inflation-adjusted debt increase during the first 1,142 days of the Obama administration was $6,550,589,520,000, equivalent to approximately $46,177 per worker in January 2024. This is more than the $41,495 increase in debt per production during the first 1,141 days of the Biden administration.
Graph by Terrence P. Jeffrey
When President Trump took office on January 20, 2017, the total federal debt was $19,947,304,555,212.49. By March 6, 2020, the 1,142nd day of President Trump's inauguration, it had increased by $3,521,363,246,735.29 to $23,468,667,801,947.78..
This $3,521,363,246,735.29 is equivalent to approximately $4,207,614,000,000 as of January 2024, or approximately $26,516 for each of the 158,683,000 workers in the United States as of February 2020, according to the Bureau of Labor Statistics. To do.
In 2020, the last full year of President Trump's term, the federal deficit spiked dramatically in April as a result of federal spending in response to the coronavirus pandemic. According to a report in March 2020, monthly financial report, the deficit was $118,988 million. However, in April 2020, it jumped to $738.022 billion. As of May of the same year, it was $398,754 million. And in June, it jumped to $864.074 billion.
Over President Trump's entire term (January 20, 2017 to January 20, 2021), the federal debt increased from $19,947,304,555,212.49 to $27,751,896,236,414.70, or $7,804,590 over four years. 1,681,202 increased by 30 cents.
Biden would need to increase the debt by about $1,117,537,849,656.30 between now and January 20, 2025 to match the debt without adjusting for inflation.
For the current fiscal year, which ends at the end of September, the Office of Management and Budget estimated The federal deficit will be $1,877,209 million.
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