Unchecked government spending: National debt rises by $500 billion in just three weeks

In the last three weeks, the national debt has increased by $500 billion. This figure, driven by excessive government spending by the Biden-Harris administration, follows a troubling trend of ever-increasing budget deficits and national debt.

Adding to this increase, however, is one more factor. The rise coincides with the approaching election, which has generated even more angst about the economic direction of the country.

The disproportionate increase in debt

The federal government deficit reached alarming levels this year, surpassing a cumulative $1.9 trillion so far in 2024.

The total public debt broke records in July by surpassing the $35 trillion mark for the first time, continuing with the upward trend due to the failed economic policies of the federal government. This leaves a dark outlook for the future in the face of unchecked government spending and its implications for the nation's economy. This pace of borrowing stands in stark contrast to previous debt levels. As of September 2023, debt stood at approximately $33.2 trillion.

Geiger Capital noted that Vice President Kamala Harris, in her role within the administration, bears a great deal of responsibility for the policies that have enabled this type of massive spending. He argued that her approach to public spending policies is affecting the financial stability of the nation and that a change is needed to curb this trend of growth in debt.