The Trust Fund for Social Secu
English Public
The sum total of the federal government's financial obligations to the general public and to its own agencies is referred to as the national debt.
The Trust Fund for Social Security
For more info...
https://oclnn.com/debt/the-u-s-debt-and-how-it-got-so-big/
The continued practice of Congress simultaneously running budget deficits and reducing tax revenue has contributed significantly to the size of the national debt of the United States.
If efforts are not taken, the United States' ability to repay its debt will be called into question, which will have an impact on the economy of the entire world.
The Growth of the National Debt of the United States
The years 1989 through 2021 are represented in the graphic below as milestones for the United States' debt. Over the course of that time period, its value has climbed by more than 800 percent. In February of 2022, the national debt passed the $30 trillion mark for the first time. This figure accounts for both the debt held by the public as well as the debt owed between different levels of government.
The accumulation of previous years' worth of federal budget shortfalls is what makes up the national debt. The national debt increases with every new spending program and a tax cut that is enacted. The current president, Barack Obama, is responsible for the greatest deficit yet. He contributed an additional $8.3 trillion to the debt, which represents a 70 percent increase. This is because of a stimulus package known as the American Recovery and Reinvestment Act (ARRA), which helped put an end to the financial crisis that occurred in 2008. Additionally, he reduced tax rates while raising spending on the military. Although the national debt increased by a greater monetary amount under the Obama administration, it was not the greatest growth by percentage.
This distinction is due to former U.S. President Franklin D. Roosevelt. Between 1933 and 1945, he was only able to contribute approximately $236.1 billion, yet this represented a rise of almost 1,048 percent. He did this in order to combat the Great Depression and have the United States ready to enter World War II at the beginning of the 1940s. He undertook this preparation work. In terms of dollars contributed, President Donald Trump is the second-largest donor to the national debt. He contributed an additional $7.8 trillion to the total debt.The total amount of the federal government's outstanding debt is what is referred to as the national debt of the United States. It did so for the first time on February 1, 2022, surpassing $30 trillion in value. The current total public debt outstanding is monitored by the Treasury Department of the United States, and this number is subject to daily modification. In addition to that, the debt clock in New York keeps track of it. The majority of the country's debt is made up of debt that is held by the general public.
The federal government is responsible for repaying purchasers of United States Treasury notes, which can include private persons, corporations, and even foreign governments. The remainder is comprised of debt held within the government. This debt is owed by the Treasury to the many departments within the government that own securities from the Government Account Series. The Social Security Trust Fund makes up the largest portion of the ownership. The federal government has been running surpluses in these Government Account Series securities for years, and it utilizes these surpluses to pay for other departments. Over the next twenty years, they will become delinquent as baby boomers (those born between 1946 and 1964) enter their retirement years.
This represented an increase of 39 percent. Since he took office on January 20, 2021, President Biden has contributed $2.26 trillion to the ever-increasing national debt as of the 1st of February, 2022. This spending is significantly more than that of either President Obama or President Trump. Spending on economic stimulus programs that assisted individuals and businesses in recovering from the COVID-19 epidemic contributed more than two trillion dollars to the total debt that Trump racked up as president. Before the epidemic hit, Trump's budgets for the fiscal year added to the nation's debt as well.
The Trust Fund for Social Security
For more info...
https://oclnn.com/debt/the-u-s-debt-and-how-it-got-so-big/
The continued practice of Congress simultaneously running budget deficits and reducing tax revenue has contributed significantly to the size of the national debt of the United States.
If efforts are not taken, the United States' ability to repay its debt will be called into question, which will have an impact on the economy of the entire world.
The Growth of the National Debt of the United States
The years 1989 through 2021 are represented in the graphic below as milestones for the United States' debt. Over the course of that time period, its value has climbed by more than 800 percent. In February of 2022, the national debt passed the $30 trillion mark for the first time. This figure accounts for both the debt held by the public as well as the debt owed between different levels of government.
The accumulation of previous years' worth of federal budget shortfalls is what makes up the national debt. The national debt increases with every new spending program and a tax cut that is enacted. The current president, Barack Obama, is responsible for the greatest deficit yet. He contributed an additional $8.3 trillion to the debt, which represents a 70 percent increase. This is because of a stimulus package known as the American Recovery and Reinvestment Act (ARRA), which helped put an end to the financial crisis that occurred in 2008. Additionally, he reduced tax rates while raising spending on the military. Although the national debt increased by a greater monetary amount under the Obama administration, it was not the greatest growth by percentage.
This distinction is due to former U.S. President Franklin D. Roosevelt. Between 1933 and 1945, he was only able to contribute approximately $236.1 billion, yet this represented a rise of almost 1,048 percent. He did this in order to combat the Great Depression and have the United States ready to enter World War II at the beginning of the 1940s. He undertook this preparation work. In terms of dollars contributed, President Donald Trump is the second-largest donor to the national debt. He contributed an additional $7.8 trillion to the total debt.The total amount of the federal government's outstanding debt is what is referred to as the national debt of the United States. It did so for the first time on February 1, 2022, surpassing $30 trillion in value. The current total public debt outstanding is monitored by the Treasury Department of the United States, and this number is subject to daily modification. In addition to that, the debt clock in New York keeps track of it. The majority of the country's debt is made up of debt that is held by the general public.
The federal government is responsible for repaying purchasers of United States Treasury notes, which can include private persons, corporations, and even foreign governments. The remainder is comprised of debt held within the government. This debt is owed by the Treasury to the many departments within the government that own securities from the Government Account Series. The Social Security Trust Fund makes up the largest portion of the ownership. The federal government has been running surpluses in these Government Account Series securities for years, and it utilizes these surpluses to pay for other departments. Over the next twenty years, they will become delinquent as baby boomers (those born between 1946 and 1964) enter their retirement years.
This represented an increase of 39 percent. Since he took office on January 20, 2021, President Biden has contributed $2.26 trillion to the ever-increasing national debt as of the 1st of February, 2022. This spending is significantly more than that of either President Obama or President Trump. Spending on economic stimulus programs that assisted individuals and businesses in recovering from the COVID-19 epidemic contributed more than two trillion dollars to the total debt that Trump racked up as president. Before the epidemic hit, Trump's budgets for the fiscal year added to the nation's debt as well.
by gerryshown
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