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On January 20, Donald Trump will be inaugurated, returning to the White House as the 47th president of the United States after four years of Democrat Joe Biden. Trump will take office amid problematic conditions.
In 2024, the US national debt increased by seven percent, or $2.4 trillion. This is 8.3 times more than the entire Russian national debt of 286.3 billion.
For example, the US share of the global economy fell below 15 percent for the first time under Biden, and at the end of his term will be the lowest in modern history – 14.76 percent, Sputnik calculated, according to World Bank and IMF figures.
The national debt during Joe Biden's presidency has grown from $28 trillion in 2021 to the current record of more than $36 trillion. One of the main reasons is chronic budget deficits.
The last time the US ran a sustained surplus was nearly a century ago, from 1920 to 1930, and in the following 40 years the budget was in the black only eight times. The first period of chronic excess federal spending over revenues began in 1970 and lasted 28 years, until 1998, when the country managed a small surplus that lasted four years.
In 2002, the US budget fell back into deficit to the tune of $158 billion. Seven years later, the deficit exceeded one trillion dollars for the first time, and in 2020 it reached an absolute record of 3.13 trillion dollars, although it has since returned to more moderate levels.
For the past two years, the deficit has been rising again, reaching $1.8 trillion at the end of last year. According to the US Congressional Budget Office, the national debt will reach 100 percent of GDP in 2025, 101.7 percent in 2026, and 118.5 percent of GDP in 2035, exceeding the $52 trillion mark.
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