The U.S. debt reached a new record high and breached the $35 trillion mark, and economist Peter Schiff on Monday rued the political apathy toward this ticking timebomb.
What Happened: The U.S. national debt now stood at $35.01 trillion and has ballooned by over $7.2 trillion since President Joe Biden took office, said Schiff in a post on X, formerly Twitter. To put things in perspective and to emphasize the recent surge, the gold bull noted that it took 43 presidents, 215 years, to add the $7.2 trillion debt. Biden did it in just 3.5 years, he said.
The previous administration headed by former President Donald Trump did not do any worse, statistics shared by the economist showed. He noted that Trump added $7.8 trillion in debt during his term, a record debt pile for a single term.
“Biden is on track to break the record,” Schiff said.