Markets and Business News Review

Hong Kong stock exchange fights to regain investors’ faith

Sat, 27 Apr 2024 03:00:40 -0400

New team faces steep challenge as high-profile listings sink

Federal Officials Find No Live Bird Flu Virus in Initial Milk Tests

Noah Weiland and Benjamin Mueller — Sat, 27 Apr 2024 02:00:52 -0400

The early results suggest that pasteurization is killing the H5N1 virus in milk, something that regulators were not certain of.

How Pastor Chad Nedohin Helped Turn Trump Media Into a Meme Stock

David Yaffe-Bellany and Matthew Goldstein — Sat, 27 Apr 2024 00:51:24 -0400

Chad Nedohin, a part-time pastor, is among the fans of Donald J. Trump who helped turn Trump Media into a meme stock with volatile prices.

How Anglo American turned into prey

Sat, 27 Apr 2024 00:00:42 -0400

The 107-year-old South African mining group, long resistant to change, has now rejected a takeover offer from BHP

Daimler Truck Workers Reach Deal and Avert Threatened Strike in North Carolina

Jack Ewing — Fri, 26 Apr 2024 23:22:24 -0400

The United Automobile Workers reached an agreement involving workers who make Freightliner trucks and Thomas Built buses. The deal comes as the union seeks to expand its membership in southern states.

Fulton Financial acquires Republic First Bank after first U.S. bank failure of 2024

Bill Peters — Fri, 26 Apr 2024 21:26:00 -0400

After struggling under the weight of higher interest rates, Republic First Bancorp on Friday found another regional lender willing to rescue it: fellow Pennsylvania-based bank Fulton Financial Corp.

Regulators Seize Republic First, a Troubled Philadelphia Bank

Kashmir Hill — Fri, 26 Apr 2024 21:15:02 -0400

The relatively small bank, the first to fail this year, will have its deposits assumed by another Pennsylvania lender, Fulton Bank.

For Fox News and Conservative Media, Student Protests Are a Familiar Target

Santul Nerkar — Fri, 26 Apr 2024 19:57:36 -0400

On Fox and in other conservative outlets, the protests have given new lease to a long-running argument that students at elite universities are intolerant of conservative views.

Biden Delays Ban on Menthol Cigarettes

Christina Jewett and Noah Weiland — Fri, 26 Apr 2024 19:55:51 -0400

The proposal had been years in the making, in an effort to curb death rates of Black smokers targeted by Big Tobacco. In an election year, the president’s worries about support among Black voters may have influenced the postponement.

Paramount Chief Executive Bob Bakish Could Be Out Next Week

Benjamin Mullin and Lauren Hirsch — Fri, 26 Apr 2024 19:48:50 -0400

He was once a staunch ally of the company’s biggest owner, Shari Redstone, but the relationship soured in recent months.

He Paid $13 for $13,000 Cartier Earrings, and Then the Jeweler Noticed

Emily Schmall — Fri, 26 Apr 2024 18:15:52 -0400

When Rogelio Villarreal bought rose-gold earrings for a price that the luxury retailer said was a mistake, he looked to a Mexican consumer protection law. He later said the company delivered the earrings.

AMC takes a hit from Hollywood strikes, but narrows quarterly loss

Claudia Assis — Fri, 26 Apr 2024 17:59:00 -0400

AMC reported preliminary first-quarter earnings late Friday, ahead of expectations that it would report the results early next month.

A Chinese Firm Is America’s Favorite Drone Maker. Except in Washington.

Kate Kelly — Fri, 26 Apr 2024 17:47:13 -0400

U.S. authorities consider DJI a security threat. Congress is weighing legislation to ban it, prompting a lobbying campaign from the company, which dominates the commercial and consumer drone markets.

Microsoft earnings were solid —and here’s why they’re primed to get even better

Emily Bary — Fri, 26 Apr 2024 17:28:00 -0400

Azure hasn’t had quite enough capacity to meet booming AI demand, and Copilot software tools should contribute more later this year.

Big Tech drives S&P 500 to best week since November as investors shrug off inflation worries

Christine Idzelis — Fri, 26 Apr 2024 17:27:00 -0400

U.S. stocks pared their April losses on Friday, with the S&P 500 booking its biggest weekly gain since November as Big Tech stocks rallied.

Microsoft and Alphabet enjoy AI-powered gains from cloud divisions

Fri, 26 Apr 2024 17:11:23 -0400

Combined market value of the two tech giants rose by more than $250bn after revenue growth beat expectations

‘I racked up $45,000 in credit-card debt doing home repairs’: Should I refinance my $1.5 million house — or take out a personal loan to pay it off?

Quentin Fottrell — Fri, 26 Apr 2024 17:02:00 -0400

“We live in a very strong housing market in Los Angeles so we’re not worried about it losing value.”

This man claims Tom Brady’s sloppy signature turned $500,000 worth of collectibles into defaced keepsakes

Charles Passy — Fri, 26 Apr 2024 17:00:00 -0400

Fans attending a Miami event featuring the gridiron great say he “scribbled” on valuable pieces of football history instead of providing a proper autograph.

Michael C. Jensen, 84, Who Helped Reshape Modern Capitalism, Dies

Michael S. Rosenwald — Fri, 26 Apr 2024 16:44:51 -0400

He heralded stock options and golden parachutes as a professor at Harvard Business School, influencing a generation of Wall Street executives.

‘I don’t want to end up with stalkers’: Should I tell my heirs that I’m writing a will and how much they can expect to inherit?

Quentin Fottrell — Fri, 26 Apr 2024 16:41:00 -0400

“Should I even let them know that there is a will in which they are mentioned?”

My late aunt gave her husband a life tenancy in her home — but her attorney won’t even let us see the will. Is this a bad sign?

Quentin Fottrell — Fri, 26 Apr 2024 16:39:00 -0400

“When she died, we were told by her attorney that we were responsible for the taxes and property insurance during the time when the life tennant lives in the home.”

His daughter whispers, ‘Where are your paychecks?’ in his ear. My stepfather is in a nursing home with dementia. How can my mother and I protect him?

Quentin Fottrell — Fri, 26 Apr 2024 16:36:00 -0400

“My mother has a durable power of attorney for Sam’s healthcare and is his primary representative. No one has financial POA.”

Can I contribute to a Roth 401(k) if I earn a high salary?

Dan Moisand — Fri, 26 Apr 2024 16:18:00 -0400

The rules are different for Roth IRA and Roth 401(k) accounts

I earn $120,000 a year and have $165,000 in savings. How do I invest in this high-interest-rate environment?

Quentin Fottrell — Fri, 26 Apr 2024 16:17:00 -0400

“My husband and I would like to provide our new baby with the best life we can.”

Alphabet surges past $2tn valuation as it announces first dividend

Fri, 26 Apr 2024 16:16:35 -0400

Shares of Google’s parent company jump after first-quarter earnings beat expectations and $70bn stock buyback

Stubborn Inflation Could Prod Fed to Keep Rates High for Longer

Jeanna Smialek and Ben Casselman — Fri, 26 Apr 2024 16:07:34 -0400

Hopes for substantial cuts in interest rates are fading as inflation shows more staying power than expected.

U.S. Investigating Tesla Recall of Autopilot

J. Edward Moreno — Fri, 26 Apr 2024 16:03:48 -0400

The National Highway Safety Administration also released an analysis of crashes involving the system that showed at least 29 fatal accidents over five and a half years.

‘Terminator’ creator James Cameron says AI could replace him — but not Schwarzenegger

Fri, 26 Apr 2024 16:00:39 -0400

Director says technology at some point will ‘write a script, direct a movie’

Treasury yields slip from 2024 highs after Fed’s favored inflation gauge meets expectations

Vivien Lou Chen — Fri, 26 Apr 2024 15:55:00 -0400

Long-term Treasury yields finished off their highest levels of the year on Friday after the Federal Reserve’s preferred inflation gauge matched expectations, but they still notched their fourth straight week of advances.

Oil prices score weekly gain, breaking run of back-to-back weekly losses

Myra P. Saefong — Fri, 26 Apr 2024 15:26:00 -0400

Oil futures finished below Friday’s session highs after the latest U.S. inflation data raised doubts that the Federal Reserve will lower interest rates anytime soon.

IRS calls its free Direct File tax-prep tool a success. Will it be back in 2025?

Andrew Keshner — Fri, 26 Apr 2024 15:04:00 -0400

The IRS’s Direct File platform prepared federal income-tax returns for nearly 141,000 households, exceeding officials’ goal of handling 100,000 returns.

What Is a ‘Decent Wage’? France’s Michelin Raises a Debate.

Liz Alderman — Fri, 26 Apr 2024 15:01:31 -0400

The tire maker vowed to ensure that none of its workers would struggle to make ends meet.

US data blurs the picture for bond investors

Fri, 26 Apr 2024 15:00:39 -0400

The combination of slower growth and nagging inflation is an unsettling mix

Trump invokes EVs in challenge to Biden for debate in Michigan

Robert Schroeder — Fri, 26 Apr 2024 14:42:00 -0400

President Joe Biden on Friday said he’d debate Donald Trump this election cycle, prompting the former Oval Office occupant to propose a faceoff in auto-industry stronghold Michigan.

Deepfake of Baltimore Principal Leads to Arrest of School Employee

Natasha Singer — Fri, 26 Apr 2024 14:41:44 -0400

A high school athletic director in the Baltimore area was arrested after he used A.I., the police said, to make a racist and antisemitic audio clip.

How High Wall Street Thinks the Fed Will Keep Interest Rates

Jeanna Smialek — Fri, 26 Apr 2024 14:16:27 -0400

Stubborn inflation has led traders to forecast far fewer rate cuts by the Federal Reserve than just a few months ago.

Relative measures can be absolutely wrong

Fri, 26 Apr 2024 14:15:25 -0400

Comparing one data point with another can be misleading, nonsensical or even dangerous.

Exxon Mobil and Chevron Report Lower Earnings

Stanley Reed — Fri, 26 Apr 2024 14:07:41 -0400

Profits for the two oil giants, which are locked in a standoff over drilling off the coast of Guyana, were squeezed by lower profitability for refining crude and falling natural gas prices.

Richard Cordray to step down from job overseeing $1.6 trillion in federal student loans

Jillian Berman — Fri, 26 Apr 2024 13:44:00 -0400

The former CFPB director will end his tenure as head of the Office of Federal Student Aid in June.

Hertz’s stock is having an awful week, and BofA adds to investors’ misery

Tomi Kilgore — Fri, 26 Apr 2024 13:43:00 -0400

Hertz’s stock continued its dive Friday toward yet another record low, after BofA Securities added to the rental-car company’s woes by recommending investors sell.

Xi and Blinken Trade Small Nods Over a Large Gap

Ana Swanson and Vivian Wang — Fri, 26 Apr 2024 13:26:10 -0400

The U.S. secretary of state and the Chinese leader struck conciliatory notes in Beijing. But there was no budging on, or hiding, their governments’ core differences.

The Oldest and Most Prolifc Tanks of the Modern Era

Chris Lange — Fri, 26 Apr 2024 13:21:28 -0400

The modern tank has dominated the battlefield since it first emerged in World War I. Militaries around the world have employed tanks for decades in conflicts ranging from land wars in Africa to the current Russia-Ukraine War. (This is a comparison of Russia and NATO’s military strength.)

Here 24/7 Wall St. is taking a look at some of the oldest tanks in the world. To identify the newest tanks of the modern era, 24/7 Wall St. reviewed a catalog of tanks from Military Factory. We ordered tanks according to when they first were introduced, and only included tanks introduced after World War II and prior to 1990. Supplemental information about the type of tank, country of origin, manufacturer, top speed, and number manufactured also came from Military Factory. We excluded tanks that did not make it out of the prototype or proposal stage and only included tanks that had at least 10 units manufactured.

The M1 Abrams is by far one of the most prolific and impactful tanks of the modern era. Designed by General Dynamics and introduced in 1980, over 10,000 of these tanks have been produced. The M1 Abrams uses a 120mm Rheinmetall M256A1 as its primary armament, as well as 12.7mm and 7.62mm secondary machine guns. With all these features combined, the M1 Abrams isn’t just important, it’s essential for any military looking to dominate the ground.

These modern tanks have fairly standardized ammunition. Practically all tanks mentioned here have at least a 7.62mm machine gun as a secondary armament, although roles may vary for this gun whether it is anti-infantry or anti-aircraft. Some tanks have even bigger guns with 12.7mm guns that fill similar roles. For the main gun, or the turret, most modern tanks are chambered for anywhere between 100mm to 125mm rounds, and some even have missile-firing capabilities. (These are the NATO countries with the largest tank armies.)

Here is a look at the newest tanks of the modern era:

Why Are We Covering This?

Knowing about tanks of the modern era is crucial because they play a significant role in shaping military strategies and global security. Understanding their capabilities helps nations assess their own defenses and those of potential adversaries. By studying modern tanks, we can gain insight into the evolution of military technology and the direction of future conflicts.

39. BMD-3 (Boyevaya Mashina Desanta)

Year introduced: 1990
Type: Amphibious light tank
Armament: 30mm cannon, 7.62 machine gun, AT-4 ATGW launcher, 5.45mm machine gun, 40mm grenade launcher, smoke dischargers
Country of origin: Soviet Union
Total units manufactured: 123
Manufacturer(s): Volgograd Tractor Plant
Top speed: 44 mph

38. CM-11 Brave Tiger (M48H)

Year introduced: 1990
Type: Main battle tank
Armament: 105mm main gun, 7.62mm coaxial machine gun, 12.7mm heavy machine gun, smoke grenade dischargers
Country of origin: Taiwan
Total units manufactured: 550
Manufacturer(s): State Factories
Top speed: 30 mph

37. Cadillac Gage Stingray

Year introduced: 1988
Type: Light tank
Armament: 105mm L7A3 rifled main gun, 12.7mm Browning anti-aircraft heavy maching gun, 7.62 coaxial machine gun, smoke grenade dischargers
Country of origin: United States
Total units manufactured: 106
Manufacturer(s): Cadillac Gage / Textron Systems
Top speed: 43 mph

36. BMP-3 (Boyevaya Mashina Pekhoty)

Year introduced: 1987
Type: Light tank
Armament: 100mm 2A70 rifled main gun, 30mm 2A72 coaxial machine gun, 7.62mm PKT coaxial machine gun, smoke grenade dischargers
Country of origin: Soviet Union
Total units manufactured: 1,840
Manufacturer(s): Kurgan Machine Construction Plant
Top speed: 43 mph

35. TR-85 (Tanc Romanesc Model 85)

Year introduced: 1986
Type: Main battle tank
Armament: 100mm A308 main gun, 12.7mm DShK anti-aircraft heavy machine gun, 7.62mm PKT coaxial machine gun, smoke grenade dischargers
Country of origin: Romania
Total units manufactured: 303
Manufacturer(s): Mechanical Factory Bucharest
Top speed: 37 mph

34. ROTEM K1 (Type 88)

Year introduced: 1986
Type: Main battle tank
Armament: 120mm KM256 main gun, 7.62 M60E2-1 coaxial machine gun, 12.7mm K6 anti-aircraft machine gun, M60D general purpose machine gun, smoke grenade dischargers
Country of origin: South Korea
Total units manufactured: 1,500
Manufacturer(s): Hyundai ROTEM
Top speed: 40 mph

33. BMD-2 (Boyevaya Mashina Desanta)

Year introduced: 1985
Type: Amphibious light tank
Armament: 30mm 2A42 cannon, ATGM missile launcher, 7.62mm PKT coaxial machine gun, 7.62mm PKT bow-mounted machine gun
Country of origin: Soviet Union
Total units manufactured: 2,150
Manufacturer(s): Volgograd Tractor Plant
Top speed: 50 mph

32. M-84 (MBT)

Year introduced: 1985
Type: Main battle tank
Armament: 125mm 2A46 smoothbore main gun, 12.7mm anti-aircraft heavy machine gun, 7.62 coaxial anti-infantry machine gun, smoke grenade discharger
Country of origin: Yugoslavia
Total units manufactured: 652
Manufacturer(s): State Factories
Top speed: 42 mph

31. Type 85 (YW531H)

Year introduced: 1985
Type: Amphibious light tank
Armament: 85mm main gun, 14.5mm anti-aircraft heavy machine gun, 7.62mm general purpose machine gun
Country of origin: North Korea
Total units manufactured: 500
Manufacturer(s): State Factories
Top speed: 37 mph

30. NORINCO Type 85-II

Year introduced: 1985
Type: Main battle tank
Armament: 125mm main gun, 7.62mm coaxial machine gun, 12.7mm anti-aircraft heavy machine gun, smoke grenade dischargers
Country of origin: China
Total units manufactured: 2,000
Manufacturer(s): China North Industries Corporation
Top speed: 36 mph

29. NORINCO ZTZ-88 (Type 80/85/88)

Year introduced: 1985
Type: Main battle tank
Armament: 105mm rifled main gun, 7.62mm coaxial machine gun, 12.7mm anti-aircraft heavy machine gun, smoke dischargers
Country of origin: China
Total units manufactured: 3,000
Manufacturer(s): China North Industries Corporation
Top speed: 40 mph

28. TAMSE TAM (Tanque Argentino Mediano)

Year introduced: 1983
Type: Medium tank
Armament: 105mm rifled main gun, 7.62mm coaxial machine gun, 7.62mm anti-aircraft machine gun, smoke grenade dischargers
Country of origin: Argentina
Total units manufactured: 200
Manufacturer(s): Thyssen-Henschel / TAMSE
Top speed: 47 mph

27. BMP-2 (Boyevaya Mashina Pekhoty)

The federal government of the United States has carried some level of debt every year since George Washington’s first term as president. But while the national debt is as old as the country itself, levels of government borrowing have recently reached unsustainable levels. The U.S. has not had a balanced budget in over two decades, and the federal debt is now growing faster than the economy. Currently, the government owes nearly $34.6 trillion, a 100% increase from only 10 years ago.

With the national debt at unprecedented highs, 2024 will be the first year since at least 1940 that borrowing costs will exceed defense spending. According to the Congressional Budget Office, interest payments on the national debt are projected to hit $870 billion this year, compared to a planned $822 billion defense budget. Over the next decade, interest payments are expected to total a staggering $12.4 trillion.

Fundamentally, the national debt is driven by a mismatch between revenue and spending. Wars in the Middle East and Afghanistan, stimulus payments during the Great Recession and the COVID-19 pandemic, and rising Medicare costs have sent government spending soaring in recent years. Meanwhile, tax cuts under multiple presidential administrations have reduced government revenue. And while calls for fiscal responsibility and debt reduction are common in Washington D.C., they have rarely been matched with a demonstrated commitment to achieving those goals.

Using data from the U.S. Treasury Department, 24/7 Wall St. determined how the national debt changed under each of the 21 U.S. presidents who took the oath of office in the 20th or 21st centuries. For each presidential administration, we calculated the compound annual growth rate of the national debt, from their first year in office to their last. Annual debt measurements used in these calculations are for the end of each government fiscal year and are not adjusted for inflation. Presidents are ranked from the largest average annual decrease to the national debt, the largest increase.

While American presidents have mandatory spending obligations, such as Social Security and Medicare, they have some level of control over discretionary budgets, as well as taxes. Still, a president’s budget, as well as any proposed changes to the tax code, must receive congressional approval. As a result, a president’s relationship with lawmakers on Capitol Hill matters. Other factors, such as GDP growth, can also either help or hinder a president’s budgetary goals. (Here is a look at the sitting U.S. Senators doing the most in office.)

Of the 21 presidents on this list — from Theodore Roosevelt to Joe Biden — only two led during a period of debt reduction, and both held office in the 1920s, an era of rapid economic expansion. Meanwhile, the debt increased by an average annual rate of anywhere from 0.4% to 30.1% during every other president’s time in office. (Here is a look at the federal agencies wasting the most taxpayer money.)

Among the five presidents who oversaw the largest average annual increase in the national debt, two were Democrats and three were Republicans. The highest ranking president on this list served during America’s entry into World War I, an event that sent government spending soaring. The second highest ranking president on this list served during the Great Depression and America’s entry into World War II.

Why It Matters

The federal budget and the U.S. economy are among the chief responsibilities of Congress and the President. But as decades of deficit spending have sent the national debt soaring, borrowing costs stand at all-time highs. Higher interest payments mean less money for investment in public services, like infrastructure, education and research. Similarly, at current levels, the national debt reduces the government’s ability to effectively respond to crises and also jeopardizes the long-term viability of social safety net programs.

21. Calvin Coolidge (in office from 1923–1929)

Avg. annual change in national debt, fiscal 1923-1929: -4.5% (-$903.1 million)
Total change in national debt, fiscal 1923-1929: -24.2% (-$5.4 billion)
National debt at the end of fiscal 1929: $16.9 billion
National debt at the end of fiscal 1923: $22.3 billion
Party affiliation: Republican

20. Warren G. Harding (in office from 1921–1923)

Avg. annual change in national debt, fiscal 1921-1923: -3.5% (-$813.9 million)
Total change in national debt, fiscal 1921-1923: -6.8% (-$1.6 billion)
National debt at the end of fiscal 1923: $22.3 billion
National debt at the end of fiscal 1921: $24.0 billion
Party affiliation: Republican

19. Harry S. Truman (in office from 1945–1953)

Avg. annual change in national debt, fiscal 1945-1953: +0.4% (+$923.6 million)
Total change in national debt, fiscal 1945-1953: +2.9% (+$7.4 billion)
National debt at the end of fiscal 1953: $266.1 billion
National debt at the end of fiscal 1945: $258.7 billion
Party affiliation: Democratic

18. Dwight D. Eisenhower (in office from 1953–1961)

Avg. annual change in national debt, fiscal 1953-1961: +1.0% (+$2.9 billion)
Total change in national debt, fiscal 1953-1961: +8.6% (+$22.9 billion)
National debt at the end of fiscal 1961: $289.0 billion
National debt at the end of fiscal 1953: $266.1 billion
Party affiliation: Republican

17. Lyndon B. Johnson (in office from 1963–1969)

Avg. annual change in national debt, fiscal 1963-1969: +2.5% (+$8.0 billion)
Total change in national debt, fiscal 1963-1969: +15.6% (+$47.9 billion)
National debt at the end of fiscal 1969: $353.7 billion
National debt at the end of fiscal 1963: $305.9 billion
Party affiliation: Democratic

16. William Howard Taft (in office from 1909–1913)

Avg. annual change in national debt, fiscal 1909-1913: +2.5% (+$69.2 million)
Total change in national debt, fiscal 1909-1913: +10.5% (+$276.7 million)
National debt at the end of fiscal 1913: $2.9 billion
National debt at the end of fiscal 1909: $2.6 billion
Party affiliation: Republican

15. Theodore Roosevelt (in office from 1901–1909)

Avg. annual change in national debt, fiscal 1901-1909: +2.6% (+$62.0 million)
Total change in national debt, fiscal 1901-1909: +23.2% (+$496.2 million)
National debt at the end of fiscal 1909: $2.6 billion
National debt at the end of fiscal 1901: $2.1 billion
Party affiliation: Republican

14. John F. Kennedy (in office from 1961–1963)

Avg. annual change in national debt, fiscal 1961-1963: +2.9% (+$8.4 billion)
Total change in national debt, fiscal 1961-1963: +5.8% (+$16.9 billion)
National debt at the end of fiscal 1963: $305.9 billion
National debt at the end of fiscal 1961: $289.0 billion
Party affiliation: Democratic

13. William J. Clinton (in office from 1993–2001)

Avg. annual change in national debt, fiscal 1993-2001: +3.5% (+$174.5 billion)
Total change in national debt, fiscal 1993-2001: +31.6% (+$1.4 trillion)
National debt at the end of fiscal 2001: $5.8 trillion
National debt at the end of fiscal 1993: $4.4 trillion
Party affiliation: Democratic

12. Richard M. Nixon (in office from 1969–1974)

Avg. annual change in national debt, fiscal 1969-1974: +6.1% (+$24.3 billion)
Total change in national debt, fiscal 1969-1974: +34.3% (+$121.3 billion)
National debt at the end of fiscal 1974: $475.1 billion
National debt at the end of fiscal 1969: $353.7 billion
Party affiliation: Republican

11. Barack Obama (in office from 2009–2017)

Avg. annual change in national debt, fiscal 2009-2017: +6.9% (+$1.0 trillion)
Total change in national debt, fiscal 2009-2017: +70.0% (+$8.3 trillion)
National debt at the end of fiscal 2017: $20.2 trillion
National debt at the end of fiscal 2009: $11.9 trillion
Party affiliation: Democratic

10. Herbert Hoover (in office from 1929–1933)

Avg. annual change in national debt, fiscal 1929-1933: +7.4% (+$1.4 billion)
Total change in national debt, fiscal 1929-1933: +33.1% (+$5.6 billion)
National debt at the end of fiscal 1933: $22.5 billion
National debt at the end of fiscal 1929: $16.9 billion
Party affiliation: Republican

9. Joseph R. Biden Jr. (in office from 2021–present)

Avg. annual change in national debt, fiscal 2021-2023: +8.0% (+$2.4 trillion)
Total change in national debt, fiscal 2021-2023: +16.7% (+$4.7 trillion)
National debt at the end of fiscal 2023: $33.2 trillion
National debt at the end of fiscal 2021: $28.4 trillion
Party affiliation: Democratic

8. Donald J. Trump (in office from 2017–2021)

Avg. annual change in national debt, fiscal 2017-2021: +8.9% (+$2.0 trillion)
Total change in national debt, fiscal 2017-2021: +40.4% (+$8.2 trillion)
National debt at the end of fiscal 2021: $28.4 trillion
National debt at the end of fiscal 2017: $20.2 trillion
Party affiliation: Republican

7. Jimmy Carter (in office from 1977–1981)

Avg. annual change in national debt, fiscal 1977-1981: +9.3% (+$74.8 billion)
Total change in national debt, fiscal 1977-1981: +42.8% (+$299.0 billion)
National debt at the end of fiscal 1981: $997.9 billion
National debt at the end of fiscal 1977: $698.8 billion
Party affiliation: Democratic

6. George W. Bush (in office from 2001–2009)

Avg. annual change in national debt, fiscal 2001-2009: +9.4% (+$762.8 billion)
Total change in national debt, fiscal 2001-2009: +105.1% (+$6.1 trillion)
National debt at the end of fiscal 2009: $11.9 trillion
National debt at the end of fiscal 2001: $5.8 trillion
Party affiliation: Republican

5. George H.W. Bush (in office from 1989–1993)

Avg. annual change in national debt, fiscal 1989-1993: +11.5% (+$388.5 billion)
Total change in national debt, fiscal 1989-1993: +54.4% (+$1.6 trillion)
National debt at the end of fiscal 1993: $4.4 trillion
National debt at the end of fiscal 1989: $2.9 trillion
Party affiliation: Republican

4. Gerald R. Ford (in office from 1974–1977)

Avg. annual change in national debt, fiscal 1974-1977: +13.7% (+$74.6 billion)
Total change in national debt, fiscal 1974-1977: +47.1% (+$223.8 billion)
National debt at the end of fiscal 1977: $698.8 billion
National debt at the end of fiscal 1974: $475.1 billion
Party affiliation: Republican

3. Ronald Reagan (in office from 1981–1989)

Avg. annual change in national debt, fiscal 1981-1989: +14.1% (+$232.4 billion)
Total change in national debt, fiscal 1981-1989: +186.4% (+$1.9 trillion)
National debt at the end of fiscal 1989: $2.9 trillion
National debt at the end of fiscal 1981: $997.9 billion
Party affiliation: Republican

2. Franklin D. Roosevelt (in office from 1933–1945)

Avg. annual change in national debt, fiscal 1933-1945: +22.6% (+$19.7 billion)
Total change in national debt, fiscal 1933-1945: +1,047.7% (+$236.1 billion)
National debt at the end of fiscal 1945: $258.7 billion
National debt at the end of fiscal 1933: $22.5 billion
Party affiliation: Democratic