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Biden Has Increased Debt $33,521 Per Income Tax Payer

Terence P. Jeffrey on

President Joe Biden has been in office a little more than 21 months, but during that brief period he has managed to increase the federal debt by more than $3.4 trillion.

On Jan. 20, 2021, the day Biden was inaugurated, the total federal debt was $27,751,896,236,414.77, according to the Treasury.

On Oct. 31, 2022, the latest day for which the numbers have been published, the total federal debt was $31,238,301,149,359.52.

That equals an increase of $3,486,404,912,944.75.

How does one put that in perspective?

Well, in 2019, the last year for which the Internal Revenue Service has published its Statistics of Income report, Americans filed 104,005,800 "taxable returns" with the IRS.

 

"A taxable return," the IRS explains in its Statistics of Income Bulletin, "is a return on which the taxpayer reports total income tax greater than zero dollars."

Thus, there were 104,005,800 income taxpayers in the United States as of 2019; and, in Biden's first approximately 21 months in office, the increase in the federal debt of $3,486,404,912,944.75 equaled approximately $33,521.25 per each of those taxpayers.

What could that amount of money pay for -- other than a bigger federal government?

It could, for example, go a long way toward putting your child through college.

...continued

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