Lesh
Diamond Member
- Dec 21, 2016
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You just told us that both Trump and BidenBiden in what he calls a good economy, though for most it is not, plans to spend an amount that hikes the debt to 34 trillion dollars this year alone.
HOW DID THE NATIONAL DEBT HIT $34 TRILLION?
The national debt eclipsed $34 trillion several years sooner than pre-pandemic projections. The Congressional Budget Office’s January 2020 projections had gross federal debt eclipsing $34 trillion in fiscal year 2029.
But the debt grew faster than expected because of a multi-year pandemic starting in 2020 that shut down much of the U.S. economy. The government borrowed heavily under then President Donald Trump and current President Joe Biden to stabilize the economy and support a recovery. But the rebound came with a surge of inflation that pushed up interest rates and made it more expensive for the government to service its debts.
Dumped money into the economy because of Covid
Do you read what you post?