By the end of 2022, US public debt reached $31.42 trillion, exceeding Russian debt obligations by 107 times. The Washington Post revealed the main reasons for the growth of US public debt.
According to experts, the first of these was the reduction of taxes under George W. Bush, as a result of which the amount of debt reached 5.7 trillion dollars. Also under Bush, due to the introduction of free prescription drugs and measures to overcome the 2008 recession, on February 17, 2009, the debt stood at $11.1 trillion.
Barack Obama, after an agreement with the Republicans, continued the short-sighted policy of his predecessor to reduce the tax burden. As of January 1, 2013, the total US government debt stood at $16.8 trillion.
Under Donald Trump, taxes continued to be cut, and during the implementation of budget plans, in early August 2019, the debt rose to $22.7 trillion. Due to the impressive amount of expenditure to reduce the consequences of the coronavirus, the public debt as of December 27, 2020 reached a level of 27.7 trillion.
Joseph Biden’s economic policy has taken the public treasury to the value of the national debt of $31 trillion.
According to Russian State Duma Chairman Vyacheslav Volodin, the accumulation of the American national debt resembles a financial pyramid that Washington has built to deceive the whole world. Volodin also considers a US default to be very likely.
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