Student record

Due to Biden’s spending on semiconductors, student loans and green plans, the US national debt is approaching $31 trillion.

As President Joe Biden continues to increase spending, including on student debt forgiveness, semiconductor chip manufacturing and green projects, the national deficit is on track to hit $31 trillion. from this month.

Another major expense is the recent proposal to invest $200 billion over the next five years to increase US production of semiconductor chips.

The CHIPS and Science Act was created in an effort to increase competitiveness with China, as many American companies were forced to import chips due to a lack of domestic demand.

The manufacture of automobiles, smartphones and some medical devices would not be possible without semiconductor chips.

A total of $433 billion in additional spending is included in Biden’s infamous Cut Inflation Act, with the bulk of that amount, $369 billion, going toward energy security and anti-corruption efforts. climate change.

The United States has provided $4.5 trillion to individuals and businesses to ease financial hardship during COVID-19. Republicans, however, warned that the final package could have exceeded its limits and unduly increased the country’s debt.

Biden lifting the government embargo on student loan repayments is an indication that the outbreak is over. Last month, he extended the respite afforded by the coronavirus for the last time. As a result, debtors will have to start making payments again in January 2023.

The most recent deadline extension coincided with Biden announcing his intention to cancel between $10,000 and $20,000 of outstanding federal debt for a significant number of Americans.

Biden boasts of a sharp reduction in the annual budget deficit under his leadership despite the struggling economy, a reduction that is mostly a recovery figure following the downturn in the coronavirus pandemic.