It didn’t take long for the U.S. to rack up another trillion dollars of debt

It has taken a little more than six months for the U.S. national debt to grow by a trillion dollars, a quick clip that has little precedent over the nation’s recent history. 

Last week, the debt hit $21 trillion for the first time, rising from the $20 trillion mark it notched on Sept. 8. The debt is guaranteed to go higher, with President Donald Trump having signed a debt-limit suspension in February, allowing unlimited borrowing through March 1, 2019. Economists expect wider deficits to result from the tax cut Trump signed in December. 

While a trillion-dollar increase over roughly six months isn’t unprecedented — there was one in 2009, during the Great Recession, and another in 2010 — it’s certainly fast. 

The national debt exceeded $20 trillion in September 2017, after taking 20 months to add a trillion dollars. A debt limit that had been in place since March 2015 was raised in March 2017, and again on Sept. 8, 2017. 

Farther back, however, such trillion-dollar increases took longer: 43 months, for instance, near the end of Bill Clinton’s first term. 

The first time the nation’s debt hit $1 trillion was in October 1981, during Ronald Reagan’s first term. 

Looking ahead, analysts see the nation much deeper in debt. The Committee for a Responsible Budget projects trillion-dollar deficits returning permanently by next year, and debt exceeding the size of the economy within a decade.
by is licensed under

Help FAIRtax Become The Number One Issue in 2025

Enacting the FAIRtax must be a prominent topic in these times. We did it before, we can do it again, but we need your help!

Help out with a One-Time Contribution

Your gift of $25, $50, $100 – even $1,000 or more if you can possibly spare it – will help FAIRtax.org bring an end to the IRS and promote a FAIRtax. So, I urge you, please give as generously as you can.

Billing information (REQUIRED)

Payment information (REQUIRED)

To donate by check:
Americans for Fair Taxation
PO Box 4929
Clearwater, FL 33758

If you need to make changes for any reason to your existing Monthly Donation or if you have a question about any charge, Please email info@FAIRtax.org or call ‭(800) 324-7829‬
Provide ONLY your name and phone number, do not provide any card info.

Please Note that inputting your new information at our website won't update your account.

Thank you for your support!


Americans for Fair Taxation® is a 501(c)(4) non-profit, non-partisan grassroots organization solely dedicated to replacing the current income tax system with a fair, simple and transparent national consumption tax – the FAIRtax® Plan. We rely entirely on contributions from concerned citizens like you who want a tax system that will generate jobs and stimulate the economy. Welcome to the FAIRtax team!

Connect

Share