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US national debt tops $40 trillion: These charts offer more context
WCVB • • general
Key Points:
- The U.S. national debt has exceeded $40 trillion, marking nearly a 600% increase since 2000 when it was about $5.8 trillion.
- On a per capita basis, this debt amounts to approximately $116,800 owed by each American.
- The national debt grew by 10.6% since President Biden took office, with the largest dollar increase of $8.45 trillion occurring during his presidency, influenced significantly by COVID-19 pandemic spending.
- Among recent presidents, Barack Obama saw the highest percentage increase in debt during his first term, while Trump's first term saw a 39.1% rise, and Biden's term a 30.5% increase.
- Federal spending surged about 50% from fiscal years 2019 to 2021 due to pandemic-related measures, contributing to growing deficits; the last federal surplus was recorded in 2001.
