America is reportedly on track to exceed $50 trillion in debt by 2033.
ACNN poll published last week found that just over half the country is pessimistic about the U.S. economy under Joe Biden. The poll was conducted by telephone calls to 1,279 households and disclosed a +/- 3% margin of error. Despite President Biden boasting that “Bidenomics” is a positive development, the numbers appear to tell a different story.
America’s national debt has ballooned from $26.94 trillion in 2020 to $32.68 trillion today, according to the U.S. Department of the Treasury. Counting roughly 2.5 years into Biden’s first presidential term, the debt translates to more than $253,000 for each taxpayer. Moreover, data from the Congressional Budget Office (CBO) shows the federal deficit for FY2023 is already at $1.6 trillion, a 120% increase from this same time last year.
That number is projected to hit $2 trillion per year over the next decade, according to a February CBO report, which would put the United States in debt at roughly $52 trillion by 2033.
This is just one of many reasons financial analysts are becoming increasingly concerned about a potential recession. Economist Neil Dutta expressed this in a Business Insider op-ed last month, writing that “I have for a long time been an optimist when it comes to the economy… However, I’m starting to change my outlook, and for several reasons, I now believe that a recession is more likely than not.”
Dutta cites the “increasingly hawkish” Federal Reserve and its “aggressive campaign of interest-rate hikes,” among other things.