Federal Debt Up $20,353 Per Taxpaying Household in Biden’s First Year

By Terence P. Jeffrey | January 20, 2022 | 12:12pm EST
(Photo by Stefani/Bloomberg via Getty Images)
(Photo by Stefani/Bloomberg via Getty Images)

(CNSNews.com) - The federal debt climbed $20,353.58 for every income-tax-paying household in the United States during Biden’s first year in office, according to data released by the U.S. Treasury Department.

When Biden was inaugurated on Jan. 20, 2021, the federal debt stood at $27,751,896,236,414.77, according to the Treasury’s “Debt to the Penny” webpage.

As of Jan. 18, 2022, the latest day for which the federal debt has been reported, it stood at $29,868,786,972,155.16—an increase of $2,116,890,735,740.39 from Jan. 20, 2021.

In 2019, the latest year for which the Internal Revenue Service has published the number of “taxable returns” it received (n.b. returns filed by households that paid net income taxes), there were 104,005,800 filed. Thus, there were 104,005,800 income-taxpaying households in the United States.

The $2,116,890,735,740.39 increase in the federal debt during the first year of Biden’s presidency equals $20,353.58 in debt for each of those households.

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