Author John Grisham spoke about a past novel of his which was about how two fictional Supreme Court justices were murdered, but talked about creating another in such a way that made the hosts rush to clarify he was talking about a book.
Why should we be ready – Government needs to stop spending. This wouldn’t happen if Biden/Democrats knew how the economy works – spending money on wars that don’t affect us and illegals being brought in illegally.
And, foolish spending by President Biden like allowing students to not repay their educational loans which is illegal and he does not have the authority to cancel them.
The national debt has grown by over $6.24 trillion since Biden took office in 2021, largely driven by COVID-19 relief measures. If we measure from the start of the new fiscal year on October 1st, 2021 the debt has grown by over $5.56 trillion under President Biden.
(He needs to be FIRED because he/Democrats do not know how to handle money.)
Are Retirees Ready for a 21% Cut to Social Security Benefits? Here’s Exactly When It Could Happen.
Social Security benefits help millions of seniors to afford necessities, especially as far too many people don’t have enough retirement savings.
Unfortunately, these benefits don’t do a great job of providing for all of the financial needs of retirees. That’s because most people need to replace around 70% to 80% of pre-retirement income at a minimum when retiring, while Social Security benefits typically replace only about 40% of what you were earning before you retired.
This situation could actually get worse soon, though. There’s a potential risk of a benefit cut that would reduce Social Security checks by as much as 21%. Here’s when this could happen and why it might occur.
The Social Security Trustee’s report shows that financial trouble may be on the horizon
Each year, Social Security’s trustees release a report sharing details about the state of the program’s finances. The 2024 report is out, and it should worry seniors who are dependent on their benefits as well as future retirees who are counting on Social Security to be a major income source.
According to the report, the trust fund that supports Social Security is expected to run out of money as soon as 2033. At that time, money will still be coming into the program from taxes collected on current workers and higher-earning retirees. Retirees will keep getting paid some benefits out of the money Social Security is bringing in. But, the law doesn’t allow the program to borrow to fund its obligations. Unfortunately, since there won’t be enough money to pay 100% of the promised benefits without borrowing, an automatic benefit cut would have to happen at that time.
Specifically, Social Security would have the money to pay out 79% of scheduled benefits if the Old-Age and Survivors Insurance (OASI) Trust Fund runs dry as current projections suggest. That would leave retirees facing a 21% cut to benefits which already aren’t really big enough.
How much of the U.S. national debt is each president responsible for, and which presidents increased the debt the most?
Over the past 60 years, nearly every U.S. president has run a record budget deficit at some point, with former Presidents Donald Trump, Barack Obama, and George W. Bush running the largest U.S. budget deficits in history.12
The U.S. national debt has continued to climb over the years with each president, as different national and global events have affected debt, and as each president’s budget reflects the administration’s priorities for the country. Here’s a look at how to measure debt by president, and which U.S. presidents contributed the most to the nation’s overall debt.
KEY TAKEAWAYS
U.S. national debt stands at over $33.99 trillion as of January 2024.3
A president’s decisions on how to spend government money, such as funding wars or providing government aid, affect the national debt.
President Franklin D. Roosevelt contributed the largest percentage increase to U.S. national debt to date.
Presidents who serve longer terms often contribute more to the national debt than those who serve shorter terms.
Measuring Debt by President
National debt can be measured by comparing the national debt level when a president enters office to the level when a president leaves, and calculating the percentage of increase in debt during the presidency.
However, it is important to note that a president doesn’t have much influence over the national debt during their first year in office. Presidential influence over the budget and national debt doesn’t start until after the federal fiscal year ends on September 30, during the new president’s first year in office.
Although the terms are often used interchangeably, debt and deficit are different. A budget deficit occurs when expenses exceed revenue, and it increases the total national debt. When revenue exceeds expenses, there is a budget surplus which can be used to reduce the national debt. In any given year, the government’s budget and spending can result in a deficit or surplus. Debt is the running total of what the government owes to its creditors.
The president and government’s policies and decisions are what create budget deficits and add to the national debt. Throughout history, the president’s response to major events has typically created massive budget deficits, adding substantial amounts to our national debt. Two examples of this would be the response to the September 11th terror attacks, and the government’s actions during the COVID-19 pandemic.45
The data above is based on U.S. fiscal years that most closely align with a president’s inauguration.
What Type of Presidential Decisions Affect National Debt?
War
Funding wars is one of the main ways that the president can increase the national debt. In fact, before 1930, almost all the budget deficits run by the American government were the results of wars. The Civil War left the U.S. government owing more than $2.6 billion at the end of the war in 1865. Just five years earlier, in 1860, the year before the Civil War started, the national debt was only $64.8 million.6
During World War II in the 1940s, then-President Franklin D. Roosevelt’s spending on the war effort created some of the largest deficits as a percentage of total gross domestic product (GDP) in American history.7 The U.S. government borrowed about $211 billion to help pay for WWII.8
In the early 2000s, then-President George W. Bush launched the invasion of Afghanistan and the War on Terror following the Sept. 11 terror attacks. Less than two years later in March 2003, President Bush also invaded Iraq. The cost of these wars over 20 years was estimated at around $8 trillion in September 2021.9
These wars began by President George W. Bush added significantly to our national debt during his presidency and the presidencies of Obama and Trump. The cost of the wars is also reflected in the yearly military budget, which reached record levels of more than $600 billion in 2009 as Bush’s presidency ended.10
In December 2023, the U.S. announced it approved a $250 million aid package to help Ukraine in the ongoing conflict with Russia.11 This figure is in addition to the $75 billion in assistance already sent by the U.S. to Ukraine between January 2022 and October 2023.12
Government Relief: Recessions, Pandemic
Actions taken by the government to provide relief during recessions or during a public health crisis like the pandemic are also ways that a president can add to national debt.
To fight the Great Recession that started in 2008, President Barack Obama signed the American Recovery and Reinvestment Act (ARRA) in 2009 after he took office earlier that year. The $832 billion fiscal stimulus package was intended to create jobs and recover jobs lost during the recession.13
Similarly in 2020, when the government’s response to the outbreak of COVID-19 shut down businesses and caused a sharp rise in unemployment, Congress passed a $2.2 trillion stimulus bill called the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which then-President Donald Trump signed into law in March 2020. The $2.2 trillion price tag makes it the largest financial rescue package in U.S. history.14 The CARES Act authorized direct payments to American families of $1,200 per adult plus $500 per child for households earning up to $75,000 annually.15
The following year, in March 2021, President Joe Biden signed the American Rescue Plan Act to provide further relief to American families and businesses as they recovered from the pandemic. Biden’s stimulus package cost about $1.9 trillion, and included extended unemployment benefits, direct payments to Americans, increased the Child Tax Credit, and subsidized COVID-19 testing and vaccination programs.1617
Top 5 Presidents Who Added to National Debt by Percentage
Here are the top five presidents in modern U.S. history who recorded the largest percentage increase to national debt during their term(s) in office.
1. Franklin D. Roosevelt (1933 to 1945)
President Franklin D. Roosevelt (FDR) contributed the largest percentage increase to U.S. national debt to date. Roosevelt entered office when the United States was in the depths of the Great Depression, the longest economic recession in modern history. FDR’s New Deal, a series of government-funded programs to fight the devastating effects of the Great Depression, added significantly to the national debt.
The U.S. national debt went up when FDR took office because of the New Deal.8 But the biggest contributor to the national debt under FDR was World War II.18
2. Woodrow Wilson (1913 to 1921)
President Woodrow Wilson added to the U.S. national debt with funding war efforts during World War I. Under Wilson, U.S. government debt increased from over $2.9 billion in 1913 when he took office to over $23.9 billion when he left office in 1921.18
3. Ronald Reagan (1981 to 1989)
President Ronald Reagan added added over $1.6 trillion to the U.S. national debt.18 The actor-turned-president supported supply-side economics and believed government intervention reduced economic growth. His economic policies involved widespread tax cuts, decreased social spending, and more military spending. Reagan increased defense spending by 35% in his two terms as president.19
4. George W. Bush (2001 to 2009)
President George W. Bush added about $4 trillion to the U.S. national debt.18 Military spending increased to record levels under Bush, due to launching the war in Afghanistan and War on Terror in response to the September 11, 2001 attacks, as well as the Iraq War in 2003. Additionally, Bush supported and signed into law significant tax cuts which contributed to increases in national debt. Bush and his administration also dealt with recessions in 2001 and 2008 (the Great Recession).2021
5. Barack Obama (2009 to 2017)
When looking at which president added the most to national debt in dollar amounts, President Barack Obama takes the lead.18 Obama’s efforts to spur recovery from the Great Recession through his $832 billion stimulus package and $858 billion in tax cuts contributed to the rise in national debt during his presidency.1322
Presidents who serve longer terms often have larger changes in the debt than those who serve shorter terms.
National Debt Continues to Rise Under President Biden
The national debt has grown by over $6.24 trillion since Biden took office in 2021, largely driven by COVID-19 relief measures. If we measure from the start of the new fiscal year on October 1st, 2021 the debt has grown by over $5.56 trillion under President Biden.23 According to estimates by the Congressional Budget Office (CBO), Biden’s American Rescue Plan would add $1.9 trillion to the national debt by 2031.24
Biden also signed a bipartisan infrastructure bill into law in November 2021. It provides funding for improvements to roads, bridges, public transit, drinking water, and expanded access to the internet, among other initiatives.25 The plan is estimated to cost around $375 billion over 10 years.26
However, that plan was overturned by the Supreme Court in June 2023.28 A new plan called Saving on a Valuable Education (SAVE), which officially became available to student loan borrowers in August 2023, will provide a new path to relief for borrowers.29 The plan could cost $230 billion over 10 years.30
Biden’s Inflation Reduction Act, which aims to invest in green energy initiatives and reduce healthcare costs, could actually reduce the deficit by $58 billion over the next decade, according to an estimate by the CBO.31
The Debt Ceiling
In January 2023, U.S. Treasury Secretary Janet Yellen announced that the government hit its debt ceiling, the maximum amount of money that the federal government can legally borrow. When this happens, the U.S. Treasury needs to find other ways to pay expenses until the debt ceiling is raised by Congress.
Yellen said the U.S. government would begin taking “extraordinary measures” to prevent a sovereign default.32 A hotly contested deal was finally struck between Democrats and Republicans in June, suspending the debt ceiling and allowing further spending until 2025.33
The debt ceiling was last raised in late 2021 by Biden and Congress. It was raised to about $31.4 trillion—a limit that has now been raised and exceeded with the legislation of June 2023.34 As of September 2023, the U.S. national debt stands at over $33 trillion.3
What Is the National Debt Today?
As of January 2024, the U.S. national debt has passed $33.99 trillion.3
Which Country Has the Highest National Debt?
The United States has the highest national debt in the world by amount.35 However, Japan has the highest national debt in terms of gross domestic product—Japan’s national debt makes up 258.2% of its GDP.36
Which President Contributed the Most to U.S. National Debt?
The national debt increased by nearly 40 times under Abraham Lincoln from 1861 to 1865—the largest multiple of increase in U.S. history.6 Of those who were president in either the 20th or 21st century, Franklin D. Roosevelt contributed to the largest percent increase in national debt. Recent presidents Barack Obama, Donald Trump, and George W. Bush presided over the three largest increases in terms of dollar amounts. Current President Joe Biden is on pace to join or surpass them.3
The Bottom Line
Presidents have a significant impact on the U.S. national debt. Each president has worked to allocate government funds for specific policies and initiatives that reflect the priorities of their administration. The president plays a large role in what gets spent and how much. However, spending is not all on the president.
Congress also has a hand in the national debt. This body of government must vote on appropriations and initiatives proposed by the president. Members of Congress can introduce proposals, which must be voted on before they can signed by the president.
Unforeseen events, such as economic turmoil, natural disasters, or war, may require the government to respond, sparking significant unplanned spending. However, the decision to respond, how to respond, and how much to spend on the response is still a decision made by the president, his administration, and Congress.
NY v. Trump ‘opens the door’ for any president to get charged in the future: John Yoo
Former President Donald Trump received a small victory in a New York appeals court Thursday as he awaits the verdict in his Manhattan criminal trial.
The appeals court cleared the way for Trump to sue his niece, Mary Trup, for providing information to the New York Times for its 2018 article on the former president’s taxes.
5/29/2024
Sounds like she is very viscously mad that “her family didn’t end up with all of the money” and is now trying to reap what she can sow off of her nephew? Nothing but jealousy/family rivalry stories which happen in all families!
But a bowl of mashed potatoes dumped on your head makes you DANGEROUS. Glory be – what’s next?
Donald Trump’s estranged niece discussed a “dangerous” trait that she believes the former president has had since childhood in a new TikTok video.
Mary Trump, the daughter of Fred Trump Jr., frequently voices criticisms of the former president amid his 2024 presidential campaign as he appears poised to secure the Republican Party’s nomination. She shares her thoughts about the former president’s policies, legal affairs, and family history.
In a video posted to TikTok this week, Mary Trump spoke of one character trait she believes Trump has had since he was a child.
“Even as a little kid, he was incapable of having a sense of humor about himself, which is really not great. Kids need to have that kind of resilience that he never had,” she said. “But worse, at seven decades later, he still does not have the ability to laugh at himself, which I think is a dangerous thing.”
Her comments are related to a separate video she posted about a story from his childhood, in which she says her father dumped a bowl of mashed potatoes over Trump to get him to stop bothering another brother, Robert Trump.
She said everybody else in the family was laughing at the situation, except for Donald Trump, and that her aunt Marianne Trump would tell the story at family gatherings.
“Every single time, even six decades after the event itself occurred, Donald reacted exactly the same way. While everybody was laughing about it, he crossed his arms. And he pouted and he sulked until somebody changed the subject,” she said.
The story about mashed potatoes went viral on TikTok, being viewed more than 150,000 times by Tuesday morning, though reports of the story emerged online as early as 2021. The video received roughly 19,000 likes on the social media platform.
Newsweek reached out to Trump’s campaign for comment via email.
These remarks are the latest critical comments from Mary Trump about her uncle amid the 2024 presidential race. Earlier in May, she issued a warning about a second Trump term, saying she believes her uncle would “destroy us” if he returned to the White House.
“We are so turned around that many of us blame the man who has actually tried to fix the horrific damage his predecessor inflicted on all of us while giving a pass to the man who landed us here. And not only is Donald getting a pass; tens of millions of [Americans] want to give him almost unlimited power which he will wield in ways that will destroy us,” she wrote in a blog post on Substack.
This Democrat political judge is working for Biden and using his rulings against Trump to “short-circuit the ballot box”. Surely there is a judge who recognizes the unfairness of this judge and – CALLS HIS HAND AND STOPS THIS TRAVESTY OF JUSTICE.
What’s missing – that the judicial branch MUST APPLY the existing law to be sure justice is administered fairly and this is not happening because it is a fake trial and…
Political Correctness is a doctrine which is being used here and, recently, fostered by a delusional, illogical minority and promoted by a sick mainstream media – which holds forth the proposition that it is entirely possible to pick up a piece of shit by the clean end!
The judicial branch must apply the existing laws to each individual situation, to be sure justice is administered fairly. The happenings in court are being called “outrageous.”
FOX News
Newsweek
