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Money U.S. National Debt by President
The National Debt, standing at $35.4 trillion as of September 2024, is a number that for most of us is too high to even conceive of. Through time, National Debt has continued to climb, from President to President, as a result of decision making and events that have fallen both within and outside of the White House's control that have increased the budget deficit.
This article will dive into how much each President has contributed to National Debt, the types of decisions they make that impact debt levels the most and the events that have shaped America’s economic reality throughout history.
Key Stats:
- National debt during Joe Biden’s presidency has increased by $7 trillion since he took office, an increase of 24.75% as of September 2024.
- During Donald Trump’s whole presidency, the U.S. national debt increased by $8.18 trillion, a percentage increase of 40.43%. This is less than Barack Obama (69.98%) and George W. Bush (105.8%). However, Donald Trump was in office for only 4 years compared to 8 years for both Barack Obama and George W. Bush.
- To tackle the COVID-19 pandemic, national debt was increased by a further 18.01% totaling $4.25 trillion in additional debt from March 2020 to Jan 2021.
- Abraham Lincoln’s years in the Oval Office saw the largest percentage increase in National Debt under any President, increasing 2859% overall
- However, Martin Van Buren is the President who spent the most consistently with average yearly debt increasing 375.32% compared to Lincoln’s 148.36%
- Woodrow Wilson, who was President during World War 1, oversaw an increase of 722.21% (averaging 35% increase per year in office)
- Franklin D. Roosevelt, in office between 1933 - 1945, increased National Debt by 1047.73% (24% increase per year on average)
- Of the 45 Presidents, only 14 of them have overseen a decrease in debt. Calvin Coolidge was the last President to do so, leaving office in 1929, 15 Presidencies ago
- Andrew Jackson is the President who decreased National Debt the most, nearly eradicating it completely between 1829 - 1837 by reducing the total by -99.42%
The federal deficit
The federal deficit differs from the national debt in that the deficit is the difference between revenue and spending in a single year, whereas the national debt is measured since the country’s inception and over the country’s lifetime, the total sum of money it owes to lenders. [1] The National Debt Explained https://www.investopedia.com/updates/usa-national-debt/
Deficits and debt are definitely related. The best way to measure a President's debt is to add up his budget deficits. A President's budget reveals a particular administration's spending priorities. The deficit by each President reveals how much deficit was in each year's budget, which can increase the debt.
The national debt
The national debt of the United States is the total unpaid borrowed funds carried by the federal government. [4] National Debt of the United States https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/
A major difference between the federal deficit and the national debt is that a President can use some creative means to feign some short-term fiscal responsibility. For example, a President can borrow from the Social Security Trust Fund, which has run a surplus since 1987. More working people contributed via payroll taxes than retired people withdrew in benefits. The Fund invests its surplus in U.S. Treasury notes. [5] How is the Social Security Trust Fund Invested? https://www.investopedia.com/ask/answers/110614/how-social-security-trust-fund-invested.asp
The President can reduce the deficit by spending these funds instead of issuing additional Treasury securities. While on paper, this nominally reduces the deficit, it doesn’t reduce the national debt at all.
History of the U.S. debt by president
Total debt change percentage in office per president [11] Historical Debt Outstanding https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding
| President | Year | Debt At Start ($) | Debt When Leaving Office ($) | Debt Change Percentage | Total Debt Change ($) |
|---|---|---|---|---|---|
| PresidentJoe Biden | Year2021-present* | Debt At Start ($)$28,428,918,570,048.60 | Debt When Leaving Office ($)$35,464,673,929,171.60 | Debt Change Percentage24.75% | Total Debt Change ($)$7,035,755,359,123.00 |
| PresidentDonald J. Trump | Year2017-2021 | Debt At Start ($)$20,244,900,016,053.50 | Debt When Leaving Office ($)$28,428,918,570,048.60 | Debt Change Percentage40.43% | Total Debt Change ($)$8,184,018,553,995.10 |
| PresidentBarack Obama | Year2009–2017 | Debt At Start ($)$11,909,829,003,511.70 | Debt When Leaving Office ($)$20,244,900,016,053.50 | Debt Change Percentage69.98% | Total Debt Change ($)$8,335,071,012,541.80 |
| PresidentGeorge W. Bush | Year2001–2009 | Debt At Start ($)$5,807,463,412,200.06 | Debt When Leaving Office ($)$11,909,829,003,511.70 | Debt Change Percentage105.08% | Total Debt Change ($)$6,102,365,591,311.64 |
| PresidentWilliam J. Clinton | Year1993–2001 | Debt At Start ($)$4,411,488,883,139.38 | Debt When Leaving Office ($)$5,807,463,412,200.06 | Debt Change Percentage31.64% | Total Debt Change ($)$1,395,974,529,060.68 |
| PresidentGeorge H. W. Bush | Year1989–1993 | Debt At Start ($)$2,857,430,960,187.32 | Debt When Leaving Office ($)$4,411,488,883,139.38 | Debt Change Percentage54.39% | Total Debt Change ($)$1,554,057,922,952.06 |
| PresidentRonald Reagan | Year1981–1989 | Debt At Start ($)$997,855,000,000.00 | Debt When Leaving Office ($)$2,857,430,960,187.32 | Debt Change Percentage186.36% | Total Debt Change ($)$1,859,575,960,187.32 |
| PresidentJimmy Carter | Year1977–1981 | Debt At Start ($)$698,840,000,000.00 | Debt When Leaving Office ($)997,855,000,000.00 | Debt Change Percentage42.79% | Total Debt Change ($)$299,015,000,000.00 |
| PresidentGerald Ford | Year1974–1977 | Debt At Start ($)$475,059,815,731.55 | Debt When Leaving Office ($)698,840,000,000.00 | Debt Change Percentage47.11% | Total Debt Change ($)$223,780,184,268.45 |
| PresidentRichard Nixon | Year1969–1974 | Debt At Start ($)$353,720,253,841.41 | Debt When Leaving Office ($)$475,059,815,731.55 | Debt Change Percentage34.30% | Total Debt Change ($)$121,339,561,890.14 |
| PresidentLyndon Johnson | Year1963–1969 | Debt At Start ($)$305,859,632,996.41 | Debt When Leaving Office ($)$353,720,253,841.41 | Debt Change Percentage15.65% | Total Debt Change ($)$47,860,620,845.00 |
| PresidentJohn F. Kennedy | Year1961–1963 | Debt At Start ($)$288,970,938,610.05 | Debt When Leaving Office ($)$305,859,632,996.41 | Debt Change Percentage5.84% | Total Debt Change ($)$16,888,694,386.36 |
| PresidentDwight Eisenhower | Year1953–1961 | Debt At Start ($)$266,071,061,638.57 | Debt When Leaving Office ($)$288,970,938,610.05 | Debt Change Percentage8.61% | Total Debt Change ($)$22,899,876,971.48 |
| PresidentHarry S. Truman | Year1945–1953 | Debt At Start ($)$258,682,187,409.93 | Debt When Leaving Office ($)$266,071,061,638.57 | Debt Change Percentage2.86% | Total Debt Change ($)$7,388,874,228.64 |
| PresidentFranklin D. Roosevelt | Year1933–1945 | Debt At Start ($)$22,538,672,560.15 | Debt When Leaving Office ($)$258,682,187,409.93 | Debt Change Percentage1047.73% | Total Debt Change ($)$236,143,514,849.78 |
| PresidentHerbert Hoover | Year1929–1933 | Debt At Start ($)$16,931,088,484.10 | Debt When Leaving Office ($)$22,538,672,560.15 | Debt Change Percentage33.12% | Total Debt Change ($)$5,607,584,076.05 |
| PresidentCalvin Coolidge | Year1923–1929 | Debt At Start ($)$22,349,707,365.36 | Debt When Leaving Office ($)$16,931,088,484.10 | Debt Change Percentage-24.24% | Total Debt Change ($)-$5,418,618,881.26 |
| PresidentWarren Harding | Year1921–1923 | Debt At Start ($)$23,977,450,552.54 | Debt When Leaving Office ($)$22,349,707,365.36 | Debt Change Percentage-6.79% | Total Debt Change ($)-$1,627,743,187.18 |
| PresidentWoodrow Wilson | Year1913–1921 | Debt At Start ($)$2,916,204,913.66 | Debt When Leaving Office ($)$23,977,450,552.54 | Debt Change Percentage722.21% | Total Debt Change ($)$21,061,245,638.88 |
| PresidentWilliam H. Taft | Year1909–1913 | Debt At Start ($)$2,639,546,241.04 | Debt When Leaving Office ($)$2,916,204,913.66 | Debt Change Percentage10.48% | Total Debt Change ($)$276,658,672.62 |
| PresidentTheodore Roosevelt | Year1901–1909 | Debt At Start ($)$2,143,326,933.89 | Debt When Leaving Office ($)$2,639,546,241.04 | Debt Change Percentage23.15% | Total Debt Change ($)$496,219,307.15 |
| PresidentWilliam McKinley | Year1897–1901 | Debt At Start ($)$1,817,672,665.90 | Debt When Leaving Office ($)$2,143,326,933.89 | Debt Change Percentage17.92% | Total Debt Change ($)$325,654,267.99 |
| PresidentGrover Cleveland | Year1893–1897 | Debt At Start ($)$1,545,985,686.13 | Debt When Leaving Office ($)$1,817,672,665.90 | Debt Change Percentage17.57% | Total Debt Change ($)$271,686,979.77 |
| PresidentBenjamin Harrison | Year1889–1893 | Debt At Start ($)$1,619,052,922.23 | Debt When Leaving Office ($)$1,545,985,686.13 | Debt Change Percentage-4.51% | Total Debt Change ($)-$73,067,236.10 |
| PresidentGrover Cleveland | Year1885–1889 | Debt At Start ($)$1,863,964,873.14 | Debt When Leaving Office ($)$1,619,052,922.23 | Debt Change Percentage-13.14% | Total Debt Change ($)-$244,911,950.91 |
| PresidentChester Arthur | Year1881–1885 | Debt At Start ($)$2,069,013,569.58 | Debt When Leaving Office ($)$1,863,964,873.14 | Debt Change Percentage-9.91% | Total Debt Change ($)-$205,048,696.44 |
| PresidentJames Garfield | Year1881 | Debt At Start ($)$2,069,013,569.58 | Debt When Leaving Office ($)$2,069,013,569.58 | Debt Change Percentagen/a | Total Debt Change ($)n/a |
| PresidentRutherford B. Hayes | Year1877–1881 | Debt At Start ($)$2,205,301,392.10 | Debt When Leaving Office ($)$2,069,013,569.58 | Debt Change Percentage-6.18% | Total Debt Change ($)-$136,287,822.52 |
| PresidentUlysses S. Grant | Year1869–1877 | Debt At Start ($)$2,588,452,213.94 | Debt When Leaving Office ($)$2,205,301,392.10 | Debt Change Percentage-14.80% | Total Debt Change ($)-$383,150,821.84 |
| PresidentAndrew Johnson | Year1865–1869 | Debt At Start ($)$2,680,647,869.74 | Debt When Leaving Office ($)$2,588,452,213.94 | Debt Change Percentage-3.44% | Total Debt Change ($)-$92,195,655.80 |
| PresidentAbraham Lincoln | Year1861–1865 | Debt At Start ($)$90,580,873.72 | Debt When Leaving Office ($)$2,680,647,869.74 | Debt Change Percentage2859.40% | Total Debt Change ($)$2,590,066,996.02 |
| PresidentJames Buchanan | Year1857–1861 | Debt At Start ($)$28,699,831.85 | Debt When Leaving Office ($)$90,580,873.72 | Debt Change Percentage215.61% | Total Debt Change ($)$61,881,041.87 |
| PresidentFranklin Pierce | Year1853–1857 | Debt At Start ($)$59,803,117.70 | Debt When Leaving Office ($)$28,699,831.85 | Debt Change Percentage-52.01% | Total Debt Change ($)-$31,103,285.85 |
| PresidentMillard Fillmore | Year1850–1853 | Debt At Start ($)$63,452,773.55 | Debt When Leaving Office ($)$59,803,117.70 | Debt Change Percentage-5.75% | Total Debt Change ($)-$3,649,655.85 |
| PresidentZachary Taylor | Year1849–1850 | Debt At Start ($)$63,061,858.69 | Debt When Leaving Office ($)$63,452,773.55 | Debt Change Percentage0.62% | Total Debt Change ($)$390,914.86 |
| PresidentJames Polk | Year1845–1849 | Debt At Start ($)$15,925,303.01 | Debt When Leaving Office ($)$63,061,858.69 | Debt Change Percentage295.99% | Total Debt Change ($)$47,136,555.68 |
| PresidentJohn Tyler | Year1841–1845 | Debt At Start ($)$5,250,875.54 | Debt When Leaving Office ($)$15,925,303.01 | Debt Change Percentage203.29% | Total Debt Change ($)$10,674,427.47 |
| PresidentWilliam Henry Harrison | Year1841 | Debt At Start ($)$5,250,875.54 | Debt When Leaving Office ($)$5,250,875.54 | Debt Change Percentagen/a | Total Debt Change ($)n/a |
| PresidentMartin Van Buren | Year1837–1841 | Debt At Start ($)$336,957.83 | Debt When Leaving Office ($)$5,250,875.54 | Debt Change Percentage1458.32% | Total Debt Change ($)$4,913,917.71 |
| PresidentAndrew Jackson | Year1829–1837 | Debt At Start ($)$58,421,413.67 | Debt When Leaving Office ($)$336,957.83 | Debt Change Percentage-99.42% | Total Debt Change ($)-$58,084,455.84 |
| PresidentJohn Quincy Adams | Year1825–1829 | Debt At Start ($)$83,788,432.71 | Debt When Leaving Office ($)$58,421,413.67 | Debt Change Percentage-30.28% | Total Debt Change ($)-$25,367,019.04 |
| PresidentJames Monroe | Year1817–1825 | Debt At Start ($)$123,491,965.16 | Debt When Leaving Office ($)$83,788,432.71 | Debt Change Percentage-32.15% | Total Debt Change ($)-$39,703,532.45 |
| PresidentJames Madison | Year1809–1817 | Debt At Start ($)$57,023,192.09 | Debt When Leaving Office ($)$123,491,965.16 | Debt Change Percentage116.56% | Total Debt Change ($)$66,468,773.07 |
| PresidentThomas Jefferson | Year1801–1809 | Debt At Start ($)$83,038,050.80 | Debt When Leaving Office ($)$57,023,192.09 | Debt Change Percentage-31.33% | Total Debt Change ($)-$26,014,858.71 |
| PresidentJohn Adams | Year1797–1801 | Debt At Start ($)$82,064,479.33 | Debt When Leaving Office ($)$83,038,050.80 | Debt Change Percentage1.19% | Total Debt Change ($)$973,571.47 |
| PresidentGeorge Washington | Year1789–1797 | Debt At Start ($)$71,060,508.50 | Debt When Leaving Office ($)82,064,479.33 | Debt Change Percentage15.49% | Total Debt Change ($)$11,003,970.83 |
Present* = Until 09/30/2024
Average percentage debt change per year in office [6] President Outlay Data https://www.whitehouse.gov/omb/historical-tables/ [7] Inflation Data https://www.officialdata.org/
| President | Year | Average Debt % Change | Average Inflation |
|---|---|---|---|
| Joe Biden | 2021-present | 7.12% | 5.18% |
| Donald J. Trump | 2017-2021 | 8.48% | 2.54% |
| Barack Obama | 2009–2017 | 8.24% | 1.46% |
| George W. Bush | 2001–2009 | 8.67% | 2.48% |
| William J. Clinton | 1993–2001 | 4.07% | 2.62% |
| George H. W. Bush | 1989–1993 | 11.15% | 4.09% |
| Ronald Reagan | 1981–1989 | 13.64% | 4.67% |
| Jimmy Carter | 1977–1981 | 9.98% | 9.85% |
| Gerald Ford | 1974–1977 | 11.23% | 8.11% |
| Richard Nixon | 1969–1974 | 5.37% | 6.01% |
| Lyndon Johnson | 1963–1969 | 2.48% | 2.83% |
| John F. Kennedy | 1961–1963 | 2.23% | 1.11% |
| Dwight Eisenhower | 1953–1961 | 1.23% | 1.36% |
| Harry S. Truman | 1945–1953 | 3.53% | 4.84% |
| Franklin D. Roosevelt | 1933–1945 | 23.90% | 2.19% |
| Herbert Hoover | 1929–1933 | 5.44% | -5.26% |
| Calvin Coolidge | 1923–1929 | -4.26% | 0.27% |
| Warren Harding | 1921–1923 | -4.84% | -4.95% |
| Woodrow Wilson | 1913–1921 | 34.78% | 7.45% |
| William H. Taft | 1909–1913 | 2.12% | 1.50% |
| Theodore Roosevelt | 1901–1909 | 2.40% | 0.91% |
| William McKinley | 1897–1901 | 4.00% | 0.24% |
| Grover Cleveland | 1893–1897 | 2.78% | -1.81% |
| Benjamin Harrison | 1889–1893 | -1.76% | -1.07% |
| Grover Cleveland | 1885–1889 | -2.36% | -1.24% |
| Chester Arthur | 1881–1885 | -2.50% | -0.99% |
| James Garfield | 1881 | n/a | n/a |
| Rutherford B. Hayes | 1877–1881 | -0.92% | -0.93% |
| Ulysses S. Grant | 1869–1877 | -1.84% | -3.28% |
| Andrew Johnson | 1865–1869 | 8.86% | -2.77% |
| Abraham Lincoln | 1861–1865 | 148.36% | 14.79% |
| James Buchanan | 1857–1861 | 25.41% | 0.77% |
| Franklin Pierce | 1853–1857 | -15.03% | 2.54% |
| Millard Fillmore | 1850–1853 | -1.12% | 0.00% |
| Zachary Taylor | 1849–1850 | 0.62% | 1.30% |
| James Polk | 1845–1849 | 34.08% | 0.59% |
| John Tyler | 1841–1845 | 48.74% | -3.21% |
| William Henry Harrison | 1841 | n/a | n/a |
| Martin Van Buren | 1837–1841 | 375.32% | -0.13% |
| Andrew Jackson | 1829–1837 | 57.71% | -0.75% |
| John Quincy Adams | 1825–1829 | -8.28% | -1.91% |
| James Monroe | 1817–1825 | -4.39% | -4.92% |
| James Madison | 1809–1817 | 9.07% | 2.63% |
| Thomas Jefferson | 1801–1809 | -3.87% | 0.51% |
| John Adams | 1797–1801 | -0.12% | 0.05% |
| George Washington | 1789–1797 | 2.12% | 6.06% |
The types of presidential decisions that impact the national debt
Presidents can have a tremendous impact on the national debt. They can also have an impact on the debt in another President’s term. When President Trump took office in January of 2017, for the first nine months of his presidency, he operated under President Obama’s budget which didn’t end until September, 2017. So for most of a new President’s first year in office, he isn’t accountable for the spending that takes place. As strange as this may seem, it’s actually by design to allow time for the new President to put a budget together when in office.
Many of the decisions that have created large budget deficits have been in response to crises.
Tax cuts
One way Presidents can have an effect on the debt is through tax cuts. Tax cuts can be a politically popular move because a President gets to tell the public they will have either more money in their paychecks or will get larger refunds when filing their tax returns. What Americans may not realize is that a President may not have a plan to offset the shortfall in revenue, which results in the government borrowing money and increasing the debt.
Wars
A far less politically popular way Presidents can affect the debt is by waging war. Wars accounted for most budget deficits and increases in the national debt prior to 1930. Tywin Lannister in Game of Thrones famously said, “Wars swallow gold like a pit in the earth.” For the United States, the War in Afghanistan has been going on for 18+ years and accounts for some very significant increases in the national debt.
In terms of dollar amount, the two most recent wars, the war in Afghanistan cost $882 billion, and the war in Iraq and Syria cost $799 billion. If you include interest, both wars account for about $2 trillion being added to the national debt. [12] Estimated Cost to Each U.S. Taxpayer of the Wars in Afghanistan, Iraq and Syria https://comptroller.defense.gov/Portals/45/documents/Section1090Reports/Estimated_Cost_to_Each_US_Taxpayer_of_Each_Wars_in_Afghanistan_Iraq_and_Syria_and_Ukraine_dated_June_2024.pdf
Recessions
A third instance where the debt can increase is during a recession. Interestingly, an increase in the debt when not in a recession can increase the likelihood of a recession. The Congressional Budget Office found that on average, over a longer term, a 1 percentage point increase in the debt raises interest rates by 0.02 to 0.03 percentage points. [13] The Nation’s Fiscal Health https://www.gao.gov/assets/870/866211.pdf If interest rates continue to rise, it can hamper economic growth, and a recession is generally defined as two consecutive quarters of decline in a country’s GDP. [14] IMF, “Recession: When Bad Times Prevail” https://www.imf.org/en/Publications/fandd/issues/Series/Back-to-Basics/Recession A President must carefully consider the effects of economic policy during times of negative economic growth.
There are times when a President feels he has little choice but to increase the debt. The effects of the Great Recession of 2008 certainly fit that category. The recession spanned two presidencies, one Republican and one Democratic. Each President took steps to stave off the recession’s effects which had a tremendous effect on the debt.
George W. Bush’s bank bailout was initiated to keep financial institutions from collapsing, resulting in deficits exceeding $1 trillion. Barack Obama’s stimulus package (The American Recovery and Reinvestment Act or ARRA) combined a $212 billion tax cut, a $296 billion expansion of Medicaid and unemployment benefits, and $279 billion in infrastructure spending to assist Americans still reeling from the recession’s effects on their financial well-being. [10] The American Recovery and Reinvestment Act https://obamawhitehouse.archives.gov/sites/default/files/docs/erp_2014_chapter_3.pdf
Pandemics
The COVID-19 pandemic which began affecting the U.S. in 2020 had a considerable impact on the national debt, with businesses being shut down and 9.6 million Americans being unable to go to work because their employer closed their business due to the pandemic. [8] Effects of the COVID-19 Pandemic https://www.bls.gov/cps/effects-of-the-coronavirus-covid-19-pandemic.htm
The national debt increased by 18.6% from 2019 to 2020 when the COVID-19 pandemic was at its peak, after an increase of only 5.59% in the previous year. This was the highest increase in debt since 2009 when national debt increased by 18.8%.
Relief bills
The American Rescue Plan is a $1.9 trillion stimulus bill that was introduced by President Joe Biden in 2021 to help families recover financially from the COVID-19 pandemic. [9] The American Rescue Plan https://www.investopedia.com/american-rescue-plan-definition-5095694 While the bill helps those on low incomes and provides support for small businesses to rebuild, the cost of the plan does add to the national debt. There is currently no data available to show how much the American Rescue Plan will add to the national debt.
Working with congress
One thing about a President’s economic policy that often isn’t considered is that the President does not operate in a vacuum. The chief executive submits the budget, but fiscal policies are ultimately set by Congress through the budget process. [2] How much each President has contributed to the National Debt https://www.marketwatch.com/story/how-much-each-us-president-has-contributed-to-the-national-debt-2018-10-29 This can lead to conflict between a President and Congress. One of the specific points of conflict is the debt ceiling.
The debt ceiling is part of a law (Title 31 of the United States Code, section 3101) that sets a legislative limit on the amount of national debt that can be incurred by the U.S. Treasury. This limits how much money the federal government may borrow. The debt ceiling does not limit government deficits. It can only stop the Treasury from paying for expenditures and other financial obligations after the limit has been reached. This is where the conflict comes in.
The process of setting the debt ceiling is separate from the United States budget process. The raising of the debt ceiling is one of those unique beasts that neither directly increases nor decreases the budget deficit. But, it can have a big effect on the debt because it directly involves the Treasury borrowing money.
When the debt ceiling is reached, the President and Congress must reach an agreement on raising it. If an agreement is reached, the government moves forward with paying its obligations. If an agreement is not reached by the deadline, a government shut-down occurs until an agreement is reached.
Let’s take a look at the Presidents whose decisions have the greatest effect, either in dollars or percentage, on the national debt.
Presidents who had the greatest impact on the national debt
Abraham Lincoln
Abraham Lincoln is the President that added the biggest percentage increase to the U.S. National Debt. The level of debt increased from $90.6 million in 1857 to $2.68 billion in 1861, an increase of 2859.4%.
These debts were created in order to fund the American Civil War and laid the early seeds for how the future of the banking system would operate alongside federal taxes, which were introduced to help fund the war efforts.
Martin Van Buren
Coming into office following Andrew Jackson, who had overseen a near eradication of national debt, Martin Van Buren’s first year in the Oval office (1837) saw debt levels soar 798% - the second largest YoY increase in history. This is only preceded by his second year in office, where debts increased 882%.
A decrease of 66% in Van Buren’s 4th year is the main reason his total debt levels were lower than that of Abraham Lincoln’s. This kept the total increase down to a still eye-watering 1458% increase, from $337k in 1837 to $5.25m in 1841.
Franklin Delano Roosevelt
President Roosevelt presided over the largest percentage increase in the national debt in modern history, but the third largest increase in Presidential history. Although he only added $236 billion, this was a 1,048 percent increase from the $23 billion debt level left by Herbert Hoover.
The Great Depression levied a devastating hit to revenues, the New Deal cost billions of dollars, but what followed those two events was the second World War. That alone accounted for $209 billion of the $236 billion added to the debt between 1942 and 1945.
Woodrow Wilson
Woodrow Wilson was the fourth largest contributor to the debt in terms of percentage. His $21 billion over the $2.9 billion debt of his predecessor, which may seem tiny compared to FDR, amounts to a 727 percent increase from his predecessor, William Howard Taft. Like FDR, Wilson had a World War to pay for.
However, a lesser-known milestone of the Wilson presidency, the Second Liberty Bond Act, gave Congress the right to adopt the national debt ceiling. This would be something that Americans would become familiar with each successive President’s budget negotiations with Congress.
Ronald Reagan
President Reagan holds a solid fifth place with his 186 percent increase in the national debt. This is a result of the Reagan administration’s attempts to stabilize the economy through the 1981 - 82 recession (also known as Reaganomics), which added $1.86 trillion to National Debt. The pillars of Reagan's economic policy were cutting government spending, tax cuts (income tax and capital gains), deregulation, and tightening the money supply in order to reduce inflation.
Reagan's supply-side economic policies (his opponents referred to these policies as “trickle-down economics”) didn't grow the economy enough to offset the lost revenue from his tax cuts. On top of these policies, Reagan also increased defense spending by 35 percent.
George W. Bush
President Bush added $6.1 trillion to the nation’s debt, the second-largest amount in dollars. This took National Debt from $5.8 trillion in 2001 to $11.9 trillion in 2009 a 105% percent increase.
Unlike Wilson and FDR, Bush presided over two simultaneous wars which were initiated in response to the 9/11 attacks. The War in Afghanistan, which added $1.1 trillion, and the Iraq War, at $1 trillion. This took Military spending from $306 billion in 2001 to $661 in 2009, a 117% increase.
On top of all this, Bush also dealt with two recessions. The recession of 2001 resulted in two tax cuts, one for individuals (The Economic Growth and Tax Relief Reconciliation Act) and one for businesses (Jobs and Growth Tax Relief and Reconciliation Act). The recession of 2008 brought about a $700 billion bailout for banks and financial institutions.
Barack Obama
President Obama holds the title for growing the national debt the most dollar-wise. In total, debt levels increased by $8.34 trillion (70%), from $11.9 trillion in 2009 to $20.2 trillion in 2017. This makes him the President with the eleventh largest increase in National Debt in Presidential history.
Obama continued to fight the Great Recession of 2008 with an $800+ billion economic stimulus package. Like Reagan and Bush 43 before him, Obama instituted tax cuts that added $858 billion to the debt.
However, unlike Bush, Obama decreased spending on national defense by 9.42% and increased expenditure on Veteran Benefits the most, increasing outlays by 85%. His biggest increase in spending came through Social Security, where budgets increased $262 billion.
Andrew Jackson
A discussion of the national debt would be incomplete without mentioning the one President who pulled off what no other President could. On Jan. 8, 1835, Andrew Jackson did the seemingly impossible. He paid off the national debt. [3] When the US Paid Off the Entire National Debt (and Why it Didn’t Last) https://www.npr.org/sections/money/2011/04/15/135423586/when-the-u-s-paid-off-the-entire-national-debt-and-why-it-didnt-last
How he did it requires some background on Jackson himself. Before he was President, Andrew Jackson was a land speculator from Tennessee. When a land deal he made went bad and left him with massive debt and some worthless paper notes, his hatred of debt was formed. When Jackson ran for President, he disliked banks as purveyors of debt and the existence of the national debt itself. He referred to it as the national curse.
To attack the debt, as his first step, Jackson started selling off the most valuable thing the country owned: land. Second, he vetoed every spending bill that came across his desk.
When Jackson took office in 1829, the national debt was around $58 million. By 1835 not only was the national debt paid off, the government ran a surplus. Unfortunately for Jackson, his vision of a debt-free America lasted a grand total of one year.
Long before the Federal Reserve was created, America had a National Bank, which Jackson promptly killed early in his presidency. This left him with nowhere to put the surplus funds the government was amassing after he paid off the debt, so he redistributed the funds to the states. Shortly after that, a real estate bubble occured, which promptly popped, sending the country into recession, which promptly re-created a national debt.
Events & The Sitting President That Changed Debt Levels The Most (since 1916) [11] Historical Debt Outstanding https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding
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2020
Debt at time: $26,945,391,194,615.10
President(s): Donald J. Trump
Effect on Debt: $4,225,989,441,181.40
Event: COVID-19 pandemic
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2019
Debt at time: $22,719,401,753,433.70
President(s): Donald J. Trump
Effect on Debt: $1,203,343,570,253.50
Event: Defense spending at $956 billion
-
2018
Debt at time: $21,516,058,183,180.20
President(s): Donald J. Trump
Effect on Debt: $1,271,158,167,126.70
Event: Trump tax cuts
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2017
Debt at time: $20,244,900,016,053.50
President(s): Barack Obama / Donald J. Trump
Effect on Debt: $671,455,302,116.80
Event: Tax Cuts and Jobs Act of 2017. Congress raises debt ceiling
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2016
Debt at time: $19,573,444,713,936.70
President(s): Barack Obama
Effect on Debt: $1,422,827,047,452.40
Event: Defense spending at $756 billion
-
2014
Debt at time: $17,824,071,380,733.80
President(s): Barack Obama
Effect on Debt: $1,085,887,854,036.50
Event: Debt ceiling crisis
-
2013
Debt at time: $16,738,183,526,697.30
President(s): Barack Obama
Effect on Debt: $671,942,119,311.50
Event: Sequester/Government shutdown
-
2012
Debt at time: $16,066,241,407,385.80
President(s): Barack Obama
Effect on Debt: $1,275,901,078,828.70
Event: “Fiscal cliff”
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2010
Debt at time: $13,561,623,030,891.70
President(s): Barack Obama
Effect on Debt: $1,651,794,027,380.00
Event: Patient Protection and Affordable Care Act and Obama tax cuts
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2009
Debt at time: $11,909,829,003,511.70
President(s): George W. Bush / Barack Obama
Effect on Debt: $1,885,104,106,599.30
Event: American Recovery and Reinvestment Act of 2009
-
2008
Debt at time: $10,024,724,896,912.40
President(s): George W. Bush
Effect on Debt: $1,017,071,524,649.92
Event: Economic Growth and Tax Relief Reconciliation Act (bank bailout)
-
2005
Debt at time: $7,932,709,661,723.50
President(s): George W. Bush
Effect on Debt: $553,656,965,393.18
Event: Hurricane Katrina
-
2004
Debt at time: $7,379,052,696,330.32
President(s): George W. Bush
Effect on Debt: $595,821,633,586.70
Event: War in Iraq
-
2002
Debt at time: $6,228,235,965,597.16
President(s): George W. Bush
Effect on Debt: $420,772,553,397.10
Event: War on Terror initiated (Afghanistan)
-
2001
Debt at time: $5,807,463,412,200.06
President(s): William J. Clinton / George W. Bush
Effect on Debt: $133,285,202,313.20
Event: 9/11 Attacks
-
2000
Debt at time: $5,674,178,209,886.86
President(s): William J. Clinton
Effect on Debt: $17,907,308,271.43
Event: Budget surplus
-
1999
Debt at time: $5,656,270,901,615.43
President(s): William J. Clinton
Effect on Debt: $130,077,892,717.81
Event: Glass-Steagal repealed
-
1998
Debt at time: $5,526,193,008,897.62
President(s): William J. Clinton
Effect on Debt: $113,046,997,500.28
Event: Long-term capital management and hedge fund crisis (precursor to 2008 recession)
-
1997
Debt at time: $5,413,146,011,397.34
President(s): William J. Clinton
Effect on Debt: $188,335,072,261.61
Event: Clinton budget surpluses
-
1996
Debt at time: $5,224,810,939,135.73
President(s): William J. Clinton
Effect on Debt: $250,828,038,426.34
Event: Welfare Reform
-
1990
Debt at time: $3,233,313,451,777.25
President(s): George H. W. Bush
Effect on Debt: $375,882,491,589.93
Event: First Iraq War
-
1989
Debt at time: $2,857,430,960,187.32
President(s): Ronald Reagan / George H. W. Bush
Effect on Debt: $255,093,248,146.16
Event: Savings & Loan crisis
-
1988
Debt at time: $2,602,337,712,041.16
President(s): Ronald Reagan
Effect on Debt: $252,060,821,088.16
Event: Fed raises rates
-
1987
Debt at time: $2,350,276,890,953.00
President(s): Ronald Reagan
Effect on Debt: $224,974,274,294.58
Event: Market crash
-
1986
Debt at time: $2,125,302,616,658.42
President(s): Ronald Reagan
Effect on Debt: $302,199,616,658.42
Event: Reagan tax cuts
-
1985
Debt at time: $1,823,103,000,000.00
President(s): Ronald Reagan
Effect on Debt: $250,837,000,000.00
Event: Reaganomics begins
-
1980
Debt at time: 907,701,000,000.00
President(s): Jimmy Carter
Effect on Debt: $81,182,000,000.00
Event: Volcker raises fed rate to 20%
-
1978
Debt at time: $771,544,000,000.00
President(s): Jimmy Carter
Effect on Debt: $72,704,000,000.00
Event: Recession
-
1975
Debt at time: $533,189,000,000.00
President(s): Gerald Ford
Effect on Debt: $58,129,184,268.45
Event: Vietnam War ends
-
1974
Debt at time: $475,059,815,731.55
President(s): Richard Nixon / Gerald Ford
Effect on Debt: $16,918,210,419.46
Event: Watergate/Budget process created
-
1973
Debt at time: $458,141,605,312.09
President(s): Richard Nixon
Effect on Debt: $30,881,144,371.59
Event: Nixon ends gold standard/Oil embargo
-
1970
Debt at time: $370,918,706,949.93
President(s): Richard Nixon
Effect on Debt: $17,198,453,108.52
Event: Recession
-
1965
Debt at time: $317,273,898,983.64
President(s): Lyndon Johnson
Effect on Debt: $5,560,999,726.34
Event: America involvement in Vietnam begins
-
1964
Debt at time: $311,712,899,257.30
President(s): Lyndon Johnson
Effect on Debt: $5,853,266,260.89
Event: War on Poverty
-
1962
Debt at time: $298,200,822,720.87
President(s): John F. Kennedy
Effect on Debt: $9,229,884,110.82
Event: Cuban Missile Crisis
-
1961
Debt at time: $288,970,938,610.05
President(s): Dwight Eisenhower / John F. Kennedy
Effect on Debt: $2,640,177,761.68
Event: Bay of Pigs
-
1960
Debt at time: $286,330,760,848.37
President(s): Dwight Eisenhower
Effect on Debt: $1,624,853,770.15
Event: Recession
-
1959
Debt at time: $284,705,907,078.22
President(s): Dwight Eisenhower
Effect on Debt: $8,362,689,332.41
Event: Fed raises rates
-
1957
Debt at time: $270,527,171,896.43
President(s): Dwight Eisenhower
Effect on Debt: ($2,223,641,752.89)
Event: Recession
-
1953
Debt at time: $266,071,061,638.57
President(s): Harry S. Truman / Dwight Eisenhower
Effect on Debt: $6,965,882,853.14
Event: Korean War cease-fire
-
1950
Debt at time: $257,357,352,351.04
President(s): Harry S. Truman
Effect on Debt: $4,586,992,490.71
Event: Korean War
-
1949
Debt at time: $252,770,359,860.33
President(s): Harry S. Truman
Effect on Debt: $478,113,347.34
Event: Transition to a post-war economy
-
1947
Debt at time: $258,286,383,108.67
President(s): Harry S. Truman
Effect on Debt: ($11,135,716,064.59)
Event: Cold War begins
-
1946
Debt at time: $269,422,099,173.26
President(s): Harry S. Truman
Effect on Debt: $10,739,911,763.33
Event: Employment Act of 1946/Recession
-
1945
Debt at time: $258,682,187,409.93
President(s): Franklin D. Roosevelt / Harry S. Truman
Effect on Debt: $57,678,800,188.80
Event: World War II ends
-
1944
Debt at time: $201,003,387,221.13
President(s): Franklin D. Roosevelt
Effect on Debt: $64,307,296,891.23
Event: Bretton Woods agreement - US dollar becomes standard for global currency
-
1942
Debt at time: $72,422,445,116.22
President(s): Franklin D. Roosevelt
Effect on Debt: $23,461,001,580.51
Event: World War II/Defense spending triples
-
1940
Debt at time: $42,967,531,037.68
President(s): Franklin D. Roosevelt
Effect on Debt: $2,527,998,626.57
Event: Tax increase
-
1939
Debt at time: $40,439,532,411.11
President(s): Franklin D. Roosevelt
Effect on Debt: $3,274,792,095.66
Event: Great Depression ends
-
1936
Debt at time: $33,778,543,493.73
President(s): Franklin D. Roosevelt
Effect on Debt: $5,077,650,869.20
Event: Tax increases
-
1935
Debt at time: $28,700,892,624.53
President(s): Franklin D. Roosevelt
Effect on Debt: $1,647,751,210.05
Event: Social Security
-
1933
Debt at time: $22,538,672,560.15
President(s): Herbert Hoover / Franklin D. Roosevelt
Effect on Debt: $3,051,670,116.02
Event: New Deal
-
1932
Debt at time: $19,487,002,444.13
President(s): Herbert Hoover
Effect on Debt: $2,685,720,952.42
Event: Tax increase
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1930
Debt at time: $16,185,309,831.43
President(s): Herbert Hoover
Effect on Debt: ($745,778,652.67)
Event: Hawley-Smoot Tariff Act
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1929
Debt at time: $16,931,088,484.10
President(s): Calvin Coolidge / Herbert Hoover
Effect on Debt: ($673,204,717.33)
Event: Stock market crash
-
1917
Debt at time: $5,717,770,279.52
President(s): Woodrow Wilson
Effect on Debt: $2,108,526,017.36
Event: Second Liberty Bond Act (debt ceiling)
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1916
Debt at time: $3,609,244,262.16
President(s): Woodrow Wilson
Effect on Debt: $551,107,389.00
Event: World War I
Sources
- [1] The National Debt Explained https://www.investopedia.com/updates/usa-national-debt/
- [2] How much each President has contributed to the National Debt https://www.marketwatch.com/story/how-much-each-us-president-has-contributed-to-the-national-debt-2018-10-29
- [3] When the US Paid Off the Entire National Debt (and Why it Didn’t Last) https://www.npr.org/sections/money/2011/04/15/135423586/when-the-u-s-paid-off-the-entire-national-debt-and-why-it-didnt-last
- [4] National Debt of the United States https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/
- [5] How is the Social Security Trust Fund Invested? https://www.investopedia.com/ask/answers/110614/how-social-security-trust-fund-invested.asp
- [6] President Outlay Data https://www.whitehouse.gov/omb/historical-tables/
- [7] Inflation Data https://www.officialdata.org/
- [8] Effects of the COVID-19 Pandemic https://www.bls.gov/cps/effects-of-the-coronavirus-covid-19-pandemic.htm
- [9] The American Rescue Plan https://www.investopedia.com/american-rescue-plan-definition-5095694
- [10] The American Recovery and Reinvestment Act https://obamawhitehouse.archives.gov/sites/default/files/docs/erp_2014_chapter_3.pdf
- [11] Historical Debt Outstanding https://fiscaldata.treasury.gov/datasets/historical-debt-outstanding/historical-debt-outstanding
- [12] Estimated Cost to Each U.S. Taxpayer of the Wars in Afghanistan, Iraq and Syria https://comptroller.defense.gov/Portals/45/documents/Section1090Reports/Estimated_Cost_to_Each_US_Taxpayer_of_Each_Wars_in_Afghanistan_Iraq_and_Syria_and_Ukraine_dated_June_2024.pdf
- [13] The Nation’s Fiscal Health https://www.gao.gov/assets/870/866211.pdf
- [14] IMF, “Recession: When Bad Times Prevail” https://www.imf.org/en/Publications/fandd/issues/Series/Back-to-Basics/Recession
