{"id":1723317,"date":"2022-11-03T07:54:21","date_gmt":"2022-11-03T11:54:21","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1723317"},"modified":"2022-11-03T12:49:46","modified_gmt":"2022-11-03T16:49:46","slug":"terrence-p-jeffrey-biden-has-increased-debt-33521-per-income-tax-payer","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/terrence-p-jeffrey-biden-has-increased-debt-33521-per-income-tax-payer\/","title":{"rendered":"Terrence P. Jeffrey: Biden Has Increased Debt $33,521 Per Income Tax Payer"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fterrence-p-jeffrey-biden-has-increased-debt-33521-per-income-tax-payer%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1723317&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/be9e83a314e6b085f5eb951d8bf249be8ed9eabd.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>President Joe Biden has been in office a little more than 21 months, but during that brief period he has managed to increase the federal debt by more than $3.4 trillion.<\/p>\n<p>On Jan. 20, 2021, the day Biden was inaugurated, the total federal debt was $27,751,896,236,414.77, according to the Treasury.<\/p>\n<p>On Oct. 31, 2022, the latest day for which the numbers have been published, the total federal debt was $31,238,301,149,359.52.<\/p>\n<p>That equals an increase of $3,486,404,912,944.75.<\/p>\n<p>How does one put that in perspective?<\/p>\n<p>Well, in 2019, the last year for which the Internal Revenue Service has published its Statistics of Income report, Americans filed 104,005,800 &#8220;taxable returns&#8221; with the IRS. <\/p>\n<p>&#8220;A taxable return,&#8221; the IRS explains in its Statistics of Income Bulletin, &#8220;is a return on which the taxpayer reports total income tax greater than zero dollars.&#8221;<\/p>\n<p>Thus, there were 104,005,800 income taxpayers in the United States as of 2019; and, in Biden&#8217;s first approximately 21 months in office, the increase in the federal debt of $3,486,404,912,944.75 equaled approximately $33,521.25 per each of those taxpayers.<\/p>\n<p>What could that amount of money pay for \u2014 other than a bigger federal government?<\/p>\n<p>It could, for example, go a long way toward putting your child through college.<\/p>\n<p>In the 2022-23 school year, according to U.S. News &#038; World Report, a student should expect to pay $10,423 in tuition and fees to attend a U.S. News-ranked in-state public college. A ranked out-of-state public college would cost $22,953, and a ranked private college would cost $39,723.<\/p>\n<p>In other words, the $33,521.25 that the Biden administration had borrowed per taxpayer as of Oct. 31 would pay for more than three years at a ranked in-state public college (at the current rate) and almost a year and a half at a ranked out-of-state public college.<\/p>\n<p>It would also cover more than 84% of the average annual tuition and fees at a ranked private college.<\/p>\n<p>Has the $33,521.25 that the Biden administration has borrowed per taxpayer given you anything worth as much as a year (or three) in college?<\/p>\n<p>In fiscal 2022 alone, the debt increased by $2,499,993,043,258.05. What did the federal government spend money on as it drove toward that remarkable increase in the debt?<\/p>\n<p>Well, it spent $639,368,000,000, for example, on the Department of Education \u2014 in a year when only 33% of public school fourth graders and 31% of public school eighth graders scored proficient or better in reading in the National Assessment of Educational Progress tests.<\/p>\n<p>Similarly, only 36% of public school fourth graders and only 26% of public school eighth graders scored proficient or better in math.<\/p>\n<p>Those scores may qualify these students to work in the Biden Office of Management and Budget, but they do not justify the federal government&#8217;s massive spending on local public education while running up a massive debt.<\/p>\n<p>Perhaps more remarkable than the massive increase in its debt that federal government accumulated in the last fiscal year is the fact that it did so while extracting a record amount of taxes from the American people.<\/p>\n<p>During fiscal 2022, according to the Treasury, the federal government collected $4,896,119,000,000 in total federal taxes. That was $518,302,170,000 more in constant September 2022 dollars than the federal government collected in fiscal 2021, when it brought in a then-record $4,377,816,830,000 in total taxes.<\/p>\n<p>But while the federal government was collecting a record $4,896,119,000,000 in total taxes in fiscal 2022, it was spending $6,271,508,000,000. The result: a fiscal 2022 federal deficit of $1,375,389,000,000.<\/p>\n<p>During that one year alone, the federal government borrowed approximately $13,224.15 for each of the 104,005,800 in income-taxpaying households that existed in this country as of 2019.<\/p>\n<p>Does Biden plan to do anything about this?<\/p>\n<p>In the budget proposal he submitted to Congress earlier this year, Biden called for running a deficit of $1,153,856,000,000 in fiscal 2023, which has just begun. He would then follow that up with annual deficits of $1,200,805,000,000 in fiscal 2024 and $1,329,707,000,000 in fiscal 2025.<\/p>\n<p>Biden&#8217;s plan for the debt, in other words, is to continue increasing it by more than $1 trillion per year.<\/p>\n<p>In a week, Americans will vote for every member of the next House of Representatives and for one-third of the next Senate.<\/p>\n<p>Has the massive and growing federal debt been a significant issue for the candidates seeking those offices?<\/p>\n<p>It will be the legacy they leave your children and grandchildren.<\/p>\n<p>Terence P. Jeffrey is the editor-in-chief of CNSnews.com. To find out more about him, visit the Creators Syndicate webpage at www.creators.com. <\/p>\n<p itemprop=\"imageCaption\"><small>Photo credit: <a href=\"https:\/\/pixabay.com\/goto\/1680905\/\" rel=\"external noopener\" target=\"_blank\">stevepb<\/a> at Pixabay<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden has been in office a little more than 21 months, but during that brief period he has managed to increase the federal debt by more than $3.4<\/p>\n","protected":false},"author":1,"featured_media":1723322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1723317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1723317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1723317"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1723317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1723322"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1723317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1723317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1723317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}