Who Had More National Debt? | Global News Avenue

this national debt As the total amount of debt held by the American public and federal government continues to grow, U.S. debt exceeded the $36 trillion mark for the first time in November.

According to this calculation, the U.S. national debt is approximately equal to The economies of China, Germany, Japan, India and the UK Peter G. Peterson Foundation Discovery, Put Together.

The national debt is the total amount of money the U.S. federal government owes its creditors. The U.S. public primarily holds the largest share of federal debt, followed by foreign governments and U.S. banks and investors. The government raises money by taxing personal and business income, wage income, and borrowing. The government then spends this money on projects such as social Securityeducation, health care, defense, etc., and take on debt by borrowing to cover expenses that accumulate over time.

But which party has historically increased the national debt more—the Democrats or the Republicans? The answer depends on how you split the data.

Republican presidents add more to the national debt per term, but Democratic presidents add more debt overall

Inflation-adjusted data from the U.S. Treasury Department and Bureau of Labor Statistics show that Republican presidents have added slightly more to the U.S. national debt each term than Democratic presidents. Looking at U.S. presidents from 1913 to the end of the federal fiscal year in 2024, Republican presidents gained about $1.4 trillion per four-year term, while Democratic presidents gained $1.2 trillion.

However, Democratic presidents have generally added more inflation-adjusted debt. This may be because since 1913, Democratic presidents have been in office nine more years than Republican presidents. Overall, Democratic presidents have added a total of $18 trillion to the national debt (adjusted for inflation) since 1913, while Republicans have added $17.3. mega.

How do presidents and their administrations affect debt?

Historically, the way presidents have responded to major events Significant increase in national debt. For example, funding wars and government relief spending during recessions are some of the reasons presidents increase the national debt.

While the national debt is not entirely under the president’s control, the fiscal policies of the president and his administration do affect the national debt. In times of war, natural disasters, or public health crises, federal spending may be beyond the president’s control.

Then-President Trump signed $2.2 trillion in 2020 amid COVID-19 pandemic CARES Act The stimulus bill became law in response to a sharp rise in unemployment during the pandemic. President Biden then signed $1.9 trillion American Rescue Plan Act Provide additional relief to Americans and businesses as they continue to recover from the pandemic.

Signed by President Obama American Recovery and Reinvestment Act (ARRA) In 2009, the economy was experiencing its worst recession since the Great Depression. The national debt increased significantly during the tenure of former President George W. Bush after he launched the invasion of Afghanistan and the war on terror following the Sept. 11 terrorist attacks. The wars in Iraq and Afghanistan cost an estimated $8 trillion over the 20 years ending in 2021.

How will the economic plans of the 2024 election candidates affect the U.S. national debt?

The national debt is also a major concern for voters in the 2024 presidential election. Data from an October Peterson Foundation poll found that more than 9 in 10 voters in seven key battleground states said it was important for candidates to enact plans for the national debt.

However, a report from the nonpartisan Committee for a Responsible Federal Budget (CRFB) found that both candidates are likely to A significant increase in the national debt under current spending plans. High levels of national debt can lead to an economic slowdown, higher interest rates, and generally increase the risk of a fiscal crisis.

Harris’s spending plan would add about $3.95 trillion to the national debt by 2035, while President-elect Trump’s plan would add $7.75 trillion to the debt, according to CRFB estimates, which tallied the candidates’ economic proposals. .

Which president has increased the national debt the most each term?

Former President Trump added the most to the national debt each term, adding an estimated $7.1 trillion to the national debt between 2016 and 2020.

bottom line

Looking at U.S. presidential terms since 1913, Republican presidents have added slightly more debt to the U.S. national debt every four years than Democratic presidents. However, Democratic presidents have generally added more inflation-adjusted debt, even though Democratic presidents have served nine more years in office than Republican presidents since 1913.