To: Chartgod who wrote (3498 ) 10/21/2024 12:42:45 PM From: dj55 Respond to You mean ONLY after the induced Biden FLU to keep him [and now her] in the basement!! The induced Biden Flu? I do not speak Orange Fog language. Kept Biden and Harris in the basement? " 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. Groeger/ProPublica)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.”" " Falling deeper into the red is the opposite of what Trump, the self-styled “King of Debt,” said would happen if he became president. In a March 31, 2016, interview with Bob Woodward and Robert Costa of The Washington Post, Trump said he could pay down the national debt, then about $19 trillion, “over a period of eight years” by renegotiating trade deals and spurring economic growth. On July 27, 2018, he told Sean Hannity of Fox News: “We have $21 trillion in debt. When this [the 2017 tax cut] really kicks in, we’ll start paying off that debt like it’s water. ” (I know you saw that in real time, it was on Sean Hannity... and another lie)Nine days later, he tweeted, “Because of Tariffs we will be able to start paying down large amounts of the $21 trillion in debt that has been accumulated, much by the Obama Administration.” " That’s not how it played out. When Trump took office in January 2017, the nonpartisan Congressional Budget Office was projecting that federal budget deficits would be 2% to 3% of our gross domestic product during Trump’s term. Instead, the deficit reached nearly 4% of gross domestic product in 2018 and 4.6% in 2019. "By early 2019, the national debt had climbed to $22 trillion. Trump’s budget proposal for 2020 called it a “grave threat to our economic and societal prosperity” and asserted that the U.S. was experiencing a “national debt crisis.” However, that same budget proposal included substantial growth in the national debt ."Weeks later, COVID-19 erupted and made the financial situation far worse. As of Dec. 31, 2020, the national debt had jumped to $27.75 trillion, up 39% from $19.95 trillion when Trump was sworn in. The government ended its 2020 fiscal year with the portion of the national debt owed to investors, the metric favored by the CBO, at around 100% of GDP. The CBO had predicted less than a year earlier that it would take until 2030 to reach that approximate level of debt. Including the trillions owed to various governmental trust funds, the total debt is now about 130% of GDP." The CBO in 2019 had predicted that the debt would reach 100% of GDP by the year 2030. But the masterful Trump reached that level of debt less than a year later!! I hate to be the one to burst your bubble, but DJT has done a horrible job with National Debt. Oh he spouts all kinds of things that he will do, but he doesn't follow through. Our debt has been a problem for a long time, but Trump's admin put the rise of the debt on steroids! Harris' plan is better on the National Debt issue.............by far.
