Pace of New Debt

From March 2020 through June 2022, the federal government added $7 trillion in debt.

To put that in perspective, the federal debt reached a total of $7 trillion in 2004, covering a span from George Washington to the first term of George W. Bush.

That means the federal government has racked up 215 years’ worth of debt in just 27 months.

While some amount of deficit spending might have been hard to avoid during the worst of the COVID-19 pandemic, Washington kept breaking out the credit card to continue an unnecessary and wasteful spending spree, oversaturating the economy and making inflation problems inevitable.