When Joseph Robinette Biden Jr. was sworn into office as the President of the United States on 20 January 2021, the U.S. national debt stood at $27.75 trillion. Four years later, as President Biden departs from office, the U.S. national debt was sitting at $36.21 trillion. The national debt increased by $8.46 trillion, or 30.5%, in those four years.
Because the concept of trillions of dollars of debt is difficult to comprehend in human terms, it's easier to understand the impact of President Biden's national debt legacy by dividing the national debt equally among all the households in the United States.
When we do that math, 2021's national debt total of $27.75 trillion becomes $216,050, which represents the national debt burden per household before any of President Biden's spending initiatives were implemented.
After four years of President Biden's spending initiatives, we find the household burden of 2025's national debt total of $36.21 trillion is $273,844. The burden of the national debt per household has increased by $57,724, or 27%, during President Biden's tenure.
The following chart reveals the level of the household burden of the national debt at each of President Biden's anniversaries in the White House. In it, we've also shown how much of the nation's debt is owed to its creditors by major category.
Remarkably, even though former President Biden came into office during a time of national emergency with the coronavirus pandemic and the severe economic disruption of state and local government-mandated lockdowns, most of the increase in the national debt during his tenure occurred during the final two years of his administration, after the pandemic had ended.
Altogether, while President, the $57,724 increase in the national debt burden per household is nearly enough for the government to give every household in the U.S. a Certified Pre-Owned 2024 Lexus RX 350 Premium Plus with low mileage. Because the U.S. government borrowed that money, you would have to add that debt to all your other household debt. Including your mortgage or rent, your credit card bills, every other vehicle loan you might have, and more.
By comparison, the increase in the national debt per household since Joe Biden became President was only enough to buy a brand new 2024 Toyota RAV4 Hybrid. Even used, the 2024 Lexus RX 350 Premium Plus is definitely a luxury upgrade.
Do you feel like you got that kind of luxury upgrade from four years of Joe Biden's debt-fueled spending? Did the U.S. government give you the equivalent of a shiny, almost-new red Lexus RX-350? If the government didn't buy you the equivalent of a Lexus for your household, at least you can enjoy paying it off over time, either through your taxes or through Joe Biden's incredibly persistent inflation.
References
U.S. Census Bureau. Historical Households Tables. Table HH-1. Households by Type: 1940 to Present. [Excel Spreadsheet]. Accessed 22 January 2025.
U.S. Treasury Department. Debt to the Penny. [Online Database]. 17 January 2025. Accessed 22 January 2025. Note: As 20 January 2025 fell on the Martin Luther King Jr. holiday, when the U.S. Treasury Department's debt window was closed with no changes to the national debt taking place, the national debt recorded for Friday, 17 Janaury 2025 is the appropriate reference for the end of President Biden's fourth year in office.
U.S. Treasury Department. Major Foreign Holders of Treasury Securities. [Online Data]. Accessed 22 January 2025.
U.S. Treasury Department. Monthly Treasury Statement of Receipts and Outlays of the United States Government for Fiscal Year 2025 Through December 31, 2024. [PDF Document]. 14 January 2025.
Labels: national debt, personal finance
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