The official debt held by the public has just ticked past the $35 trillion mark. Of course, with all the billions and trillions being spent by the government on various projects using money it doesn’t have – and the tens of trillions more in unfunded entitlement commitments – it can be difficult to keep track of just how much spending is taking place. Joe Biden: There's a situation where there's an estimation of somewhere between 700 billion and a trillion, 300 million, billion dollars.
Were he to return to the White House, he’d also likely try to talk interest rates down to reduce the government’s servicing costs. But the President of the United States cannot simply order an increase in GDP – let alone one massive enough to reduce the relative debt burden. Nor can he simply refinance the $35 trillion debt at a lower rate. Trump can publicly berate the Federal Reserve chairman for keeping interest rates too high.