President Joe Biden has saddled each American taxpayer with more than $30,000 in debt since taking office, a new analysis of government spending
President Joe Biden has saddled each American taxpayer with more than $30,000 in debt since taking office, a new analysis of government spending has found.
CNSNews.com columnist Terence Jeffrey noted on Wednesday that the national debt has increased by nearly $3.5 trillion since Biden took office on Jan. 20, 2021.
Based on the 104,005,800 “taxable returns” filed with the IRS in 2019, the most recent year for which the data was available, Biden’s aggressive spending means each of those tax filers now carries an average $33,521 share of the national debt.
The irony of the situation, as Jeffrey noted, is that Biden is racking up the debt even as his administration pulls in record amounts of tax revenue.
According to Jeffrey, the federal government hauled in $4.8 trillion in total federal tax revenues in the fiscal year 2022, which ended on Sept. 30.
That was $518.3 million more than the federal government collected in the fiscal year 2021.
Yet spending remains the problem.
Last fiscal year, Jeffrey noted, the Biden administration blew out the deficit by almost $1.4 trillion. And that is now the new norm.
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Jeffrey reported that Biden’s proposed budget boosted the budget deficit by $1.2 trillion in fiscal year 2024 and $1.3 trillion the year after that.
In a separate story on Thursday, CNSNews.com spotlighted a Gallup poll that found just 21 percent of Americans are satisfied with the direction of the country.
That is actually up eight points from four months ago.
Yet Biden’s approval rating remained mired at 40 percent while his disapproval score has increased by three points in the past couple of months to 56 percent.
CNSNews noted that the highest satisfaction score in Gallup’s survey going back to 2008 was 45 percent reported in February 2020 under former President Donald Trump.
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