HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Trump Built a National De...

Wed Jan 18, 2023, 01:07 PM

Trump Built a National Debt So Big...That It'll Weigh Down the Economy for Years

https://www.propublica.org/article/national-debt-trump


One of President Donald Trump’s lesser known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt.

The national debt has risen by almost $7.8 trillion during Trump’s time in office. That’s nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country.

The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by a leading Washington budget maven, Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center. And unlike George W. Bush and Abraham Lincoln, who oversaw the larger relative increases in deficits, Trump did not launch two foreign conflicts or have to pay for a civil war.

Economists agree that we needed massive deficit spending during the COVID-19 crisis to ward off an economic cataclysm, but federal finances under Trump had become dire even before the pandemic. That happened even though the economy was booming and unemployment was at historically low levels. By the Trump administration’s own description, the pre-pandemic national debt level was already a “crisis” and a “grave threat.”

*snip*

4 replies, 529 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 4 replies Author Time Post
Reply Trump Built a National Debt So Big...That It'll Weigh Down the Economy for Years (Original post)
Nevilledog Jan 18 OP
tanyev Jan 18 #1
czarjak Jan 18 #2
RainCaster Jan 18 #3
MichMan Jan 18 #4

Response to Nevilledog (Original post)

Wed Jan 18, 2023, 01:11 PM

1. He said he would run the country like he ran his businesses, and he did.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Nevilledog (Original post)

Wed Jan 18, 2023, 01:24 PM

2. After declaring "George Bush was a disaster", he implemented Bush Policies on steroids.

The rich are richer at least?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Nevilledog (Original post)

Wed Jan 18, 2023, 01:26 PM

3. Don't blame DFT alone-it took the whole GOP to do this

As much as I hate the former Orange Rapist, this has to be laid at the feet of the GOP. The whole party is to blame for this.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to RainCaster (Reply #3)

Wed Jan 18, 2023, 02:25 PM

4. And both branches of Congress that passed those spending bills

The President can't spend a dime without their approval.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread