Your Household’s Share of the National Debt

They say a picture is worth a thousand words. When it comes to President Biden’s spending and its impact on the national debt, the Committee for Responsible Federal Budget has a picture that tells a terrifying tale:

CFRB: How Much Has President Biden Added to the Deficit?

The CRFB calculates a net increase of $4.83 trillion of new debt from new spending since January 20, 2021. That is a huge number, which almost defies comprehension. To make it understandable, let’s divide that debt equally among America’s 131,202,000 households. Each household would be responsible for paying off $36,813 of that new debt.

That’s like going out and buying a Winnebago 2020 Voyage trailer entirely on credit. 

Did I mention that’s on top of the $211,520 that represented each household’s share of the U.S. government’s  total public debt outstanding on Day 1 of Joe Biden’s presidency? That’s like all 45 previous presidents buying six 2022 Toyota Tacoma pickup trucks for each American household, again completely on credit. 

Fortunately, you and your neighbors probably don’t each have six pickup trucks and a trailer you owe money on parked on the street in front of where you live. But if you did, at least you could all point to something tangible you got in return for your household taking on an equal share of the national debt.

Craig Eyermann is a Research Fellow at the Independent Institute.
Beacon Posts by Craig Eyermann | Full Biography and Publications
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