Tuesday, April 30, 2019 7:01:53 PM
You really have to be both intellectually dishonest and economically illiterate to fall for a chart comparing 2 years of Trump debt VS 8 years for Obama, AND which overlooks two totally different economic circumstances.
The US national debt just pushed past $22 trillion — here's how Trump's $2 trillion in debt compares with Obama, Bush, and Clinton
https://www.businessinsider.com/trump-national-debt-deficit-compared-to-obama-bush-clinton-2019-2
Bob Bryan
Feb. 20, 2019, 11:50 AM
One important difference between Trump's debt figures and Obama's is that Trump has added a massive amount of debt while the US economy has been strong, whereas Obama took over during the depths of the financial crisis.
Economists typically recommend that the federal government increase spending, and thus add more debt, during times of economic struggles and then pay down that debt when the economy recovers.
So while economic theory would support Obama's spending to help support the economy, Trump's recent debt binge has less support among economists.
Looking ahead, recent legislative changes are expected to help Trump catch up to some of his predecessors in the debt-accumulation department.
The combination of the new GOP tax law and the recent bipartisan spending deal are projected to increase the speed of debt accumulation over the rest of Trump's presidency.
According to the Congressional Budget Office, the annual deficit — the shortfall of federal revenue compared with spending in a given fiscal year — will soon push past $1 trillion. 2018's budget deficit was the largest since 2012, when the US was still dealing with the fallout from the recession.
Based on the CBO's projections, Trump will have accumulated $3.73 trillion in new debt by the end of the 2020 fiscal year, which, because of federal budget rules, actually runs until the end of September 2020.
And by the end of fiscal 2024, the last year of Trump's second term if he wins reelection, the total debt added is projected to come in at $8.78 trillion.
A lot could change over that time period — adjustments to the tax code that increase revenue or spending cuts would alter the CBO's projections. But as it stands, Trump could add roughly the same amount of debt as Obama over two terms.
The US national debt just pushed past $22 trillion — here's how Trump's $2 trillion in debt compares with Obama, Bush, and Clinton
https://www.businessinsider.com/trump-national-debt-deficit-compared-to-obama-bush-clinton-2019-2
Bob Bryan
Feb. 20, 2019, 11:50 AM
One important difference between Trump's debt figures and Obama's is that Trump has added a massive amount of debt while the US economy has been strong, whereas Obama took over during the depths of the financial crisis.
Economists typically recommend that the federal government increase spending, and thus add more debt, during times of economic struggles and then pay down that debt when the economy recovers.
So while economic theory would support Obama's spending to help support the economy, Trump's recent debt binge has less support among economists.
Looking ahead, recent legislative changes are expected to help Trump catch up to some of his predecessors in the debt-accumulation department.
The combination of the new GOP tax law and the recent bipartisan spending deal are projected to increase the speed of debt accumulation over the rest of Trump's presidency.
According to the Congressional Budget Office, the annual deficit — the shortfall of federal revenue compared with spending in a given fiscal year — will soon push past $1 trillion. 2018's budget deficit was the largest since 2012, when the US was still dealing with the fallout from the recession.
Based on the CBO's projections, Trump will have accumulated $3.73 trillion in new debt by the end of the 2020 fiscal year, which, because of federal budget rules, actually runs until the end of September 2020.
And by the end of fiscal 2024, the last year of Trump's second term if he wins reelection, the total debt added is projected to come in at $8.78 trillion.
A lot could change over that time period — adjustments to the tax code that increase revenue or spending cuts would alter the CBO's projections. But as it stands, Trump could add roughly the same amount of debt as Obama over two terms.
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