All articles tagged with #pandemic spending
The U.S. national debt has surpassed $40 trillion, up from about $5.8 trillion in 2000, equating to roughly $116,800 per person. Debt growth has accelerated across presidential terms, with the largest dollar increase under Biden; deficits rose notably during the pandemic era as spending expanded. The article uses four charts to contextualize the rising debt and the disappearance of federal surpluses since 2001.
The coronavirus pandemic has led to a shift in American spending habits, with people saving less but splurging on experiences such as travel, concerts, and entertainment. Financial shocks have historically reshaped how people think about money, but this time, the crisis has nudged Americans toward spending more, especially on experiences they missed during lockdowns. Despite concerns about rising inflation and increased credit card debt, consumers are expected to continue tapping into savings to support spending well into 2024, reflecting a fundamental change in consumer behavior.
President Biden falsely claimed that his new corporate minimum tax is the reason for the decline in the federal budget deficit in 2021 and 2022. The tax did not come into effect until January 1, 2023. Experts say the deficit fell in 2021 and 2022 primarily because of expiring pandemic spending, not Biden’s own policies, which had the net effect of worsening the deficit. Biden's claim is inaccurate and misleading.