... When Trump left office, the debt had grown by $8.4 trillion to $27.7 trillion, with over a half of the borrowing related to Covid-related measures. The trend continued under Biden, with the incumbent president now smashing through the $35-trillion mark. While the borrowing rates somewhat slowed during the first half of Biden’s tenure compared to the Trump era, they have now accelerated, with the US adding a further $1 trillion to its debt this year alone.

US warned over ‘chronic fiscal deficit’READ MORE: US warned over ‘chronic fiscal deficit’
According to the House Budget Committee’s calculations, the debt now equates to $104,497 per person, $266,275 per household and an eye watering $483,889 per American child. Over the past 12 months, the debt increased by $2.35 trillion, with the rate of increase equating to $74,401 in new debt per second. ...