Particular numbers or data do not matter in and of themselves. They must be taken in context with respect to the broader trend. One of these data relate to the Total Federal Public Debt, as published in FiscalData.Treasury.gov.
I looked at the Federal Debt at various points in time considering the last 4 US Presidents’ start and end date of their Administration: Bill Clinton (Jan 1993 – Jan 2001), George Bush (Jan 2001 – Jan 2009), Barak Obama (Jan 2009 – Jan 2017), and Donald Trump (Jan 2017 – Jan 2021). What becomes fairly obvious when looking at the data is that Total Federal Debt been on a deteriorating trend. Each President has fared worse than his predecessor, which is to say that all of them added to the Federal Debt and each one outdid the previous when we look deeper into the numbers.
As can be seen in the data analysis below, Bill Clinton added approximately $1.48 trillion to the federal debt. George Bush outdid Bill in adding about $4.9 trillion. Barack Obama added $9.3 trillion. And last but certainly not least, Donald Trump added $7.8 trillion. Now bear in mind that Donald Trump was President for only for 1 Term, so we have to take into account that fact when comparing these amounts versus the other Presidents who presided for 2 Terms. When we take the total additions to the Federal debt and then divide it by the number of days each President was in Office, we can then see the daily average of total debt that was added. And by this last metric, Donald Trump has been by far the worse. The daily average of total federal debt for Clinton was about $506 million; Bush was about $1.7 billion; Obama was about $3.1 billion; and Trump was about $5.3 billion.
The amounts are staggering. One can only reasonably conclude that the Biden Administration will likely dethrone Trump in breaking the daily debt accumulation record. My expectation is that the new Administration will likely add to the federal debt about $7 to $9 billion on average daily, which means that the total federal debt by the time the next President is inaugurated will be about $38 trillion to $40 trillion.
The trend is ominous. The trend is catastrophic. Prepare accordingly.
Data Analysis:
Posts
No comments:
Post a Comment