Part 3/12:
Examining the broader picture, the national debt has ballooned drastically over the past 40 years. From Jimmy Carter’s era through to the Biden administration, the debt has surged from manageable levels to $37 trillion in 2023, with recent two-year increases of about $6 trillion. Interestingly, both Republican and Democratic administrations have contributed equally to this trend, leading many to describe it as a debt uniparty—a bipartisan failure to control fiscal discipline.