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In 2021, Americans donated $1.2 million dollars to reduce the federal debt. You can pay by credit card, debit card or PayPal.
What’s the debt level of the U.S. federal government? The answer isn’t as straightforward as it may seem. A quick search on RE for “federal debtΘ delivers the graph above, which shows the total level of the federal debt, in millions of dollars, at a quarterly frequency since first quarter 1966. The latest figure, as of the writing of this post, corresponds to second quarter 2019 and amounts to over $22 trillion. We can also express the federal debt as a percentage of GP, like so:
In 1970, the federal debt was $372 billion.
In at end of quarter 2020, the federal debt was $26,477 billion.
The “King of debt promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.
In January 2020, the Congressional Budget Office (CBO) projected that the federal budget deficit (a negative surplus) would total $1.015 trillion in fiscal year (FY) 2020 and $1 trillion in FY 2021.1 Those projections are now obsolete because of the many actions taken by government officials to fight the COVID-19 pandemic. These actions, while designed to prevent a health crisis of an unknown magnitude and duration, have nonetheless helped trigger massive job losses and the shuttering of businesses. A deep recession is likely. The deep recession will further increase the size of the federal budget deficit since lower economic activity will reduce tax revenues and automatically increase certain types of federal expenditures (e.g., unemployment benefits).
This is an interesting article, but when you get to the end, you have to think something missing.