Savings, Retirements Threatened As Banks, Biden Crash Markets

WASHINGTON, DC - FEBRUARY 16: U.S. President Joe Biden listens to a question from reporters as he walks toward Marine One on the South Lawn of the White House February 16, 2023 in Washington, DC. Biden is traveling to Walter Reed National Military Medical Center in Bethesda, Maryland for his annual physical health exam. (Photo by Drew Angerer/Getty Images)
  • Under Biden’s budget plan for fiscal 2024, the gross national debt would surge to nearly $51 trillion as of the year 2033 — up from its current level of roughly $31.5 trillion.
  • The federal debt as a share of US gross domestic product (GDP) would swell to a record 110% by 2033, up from 98% this year – shattering a dubious record that has stood since the end of World War II.
  • The portion of debt held by the American public would jump $19 trillion, to $43.6 trillion, over the 10 years.
  • A ballooning federal debt means more taxpayer dollars will go toward footing the bill for interest payments on past spending rather than funding necessary projects in the future.