President Joe Biden’s latest budget proposes the federal government spend trillions more than it will take in, increasing the already unsustainable federal debt by $17 trillion over the next 10 years.
But these 13- and 14-figure dollar amounts have little meaning for ordinary Americans whose income, spending, and debt are typically in the five- and six-figure amounts. Translating Biden’s budget down to the household level provides a better perspective—albeit a grim one.
His proposal has the government spending $7.3 trillion in 2025, rising to $10.3 trillion in 2034, with the federal debt climbing from $37 trillion to $54 trillion, even after accounting for $1.4 trillion in tax increases on the “wealthy Americans and big corporations.”
To break this down to the household level, we begin by looking at the median household income, which was an estimated $77,750…
