SUSTAINABILITY: Biden’s Proposal: Increase Debt By 57.8%.
If you scroll down to pages 142 and 143 of Biden’s proposal — its last two pages — you will discover Table S-10: “Federal Government Financing and Debt.”
This table tells a different story than Biden himself does.
It includes a subsection that carries the headline: “Debt Outstanding, End of Year.” It shows what the Biden administration predicts the total federal debt would be — under the terms of Biden’s budget proposal — at the end of each fiscal year through 2032.
At the end of fiscal 2021, it indicates, the total federal debt was $28.386 trillion. At the end of fiscal 2032, it predicts, the total federal debt will be $44.797 trillion.
That means that under Biden’s budget plan the federal debt would increase by $16.411 trillion — or 57.8% — in the 11 fiscal years from when he first took office in fiscal 2021 through fiscal 2032.
That is an average increase of $1.49 trillion per year.
At which point, $1.49 trillion might buy you a beetleburger.