Biden Borrows $6.75 TRILLION While Spending $569 Billion In statistics we talk about “jump processes.” Like Federal government spending every time there is a financial crisis like the subprime crisis of 2008-2009 and the Covid lockdowns of 2020. Each crisis brought a jump in the level of spending and jump in Federal debt.
Federal debt under Biden started at $27.7 trillion and is currently at $34.5 trillion, that amounts to $6.75 TRILLION in additional debt under Old Grand-dad Joe Biden. Federal spending, of course, is out of control with Biden/Congress spending $569 BILLION since Joey took office.
Generally speaking, the Federal government needs to justify the elevated levels of Federal spending, like another COVID outbreak, escalate the war in Ukraine, get into a hot war with Iran and China, or … say … Washington DC pols never need much of an excuse to go on a spending spree.