The national debt surpassed $35 trillion on Monday for the first time in U.S. history as exorbitant federal spending continues under President Joe Biden.
Since Biden was inaugurated, the national debt has increased by over $7 trillion, from $27.7 trillion on January 20, 2021 to now over $35 trillion as of July 29, 2024. If the debt were to be divided among the roughly 258.3 million adults in the U.S., each adult would have roughly $135,500.
Read More
The Biden administration has increasingly relied on a law intended to shore up national defense in order to enact its economic agenda, boosting green energy initiatives and increasing production of certain goods to address economic issues.
President Joe Biden once again used the Defense Production Act (DPA), a law established in 1950 to give the president authority over domestic industries necessary for the national defense thanks to demands caused by the Korean War, in late November, this time to invest $35 million in domestic manufacturing on medicine components to address shortages, according to a statement from the White House. The use of the DPA is one of many following President Donald Trump’s expansion of the act during the COVID-19 pandemic in order to increase the production of equipment related to national health.
Read More