Trump Added $7.8 Trillion To The National Debt And Republicans Didn’t Say A Word

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Republicans within the Home and Senate helped Trump add trillions in debt that can overwhelm the economic system for years with out asking for spending cuts.

In January 2021, ProPublica reported:

The nationwide debt has risen by nearly $7.8 trillion throughout Trump’s time in workplace. That’s practically twice as a lot as what People owe on pupil loans, automotive loans, bank cards and each different sort of debt aside from mortgages, mixed, in accordance with knowledge from the Federal Reserve Financial institution of New York. It quantities to about $23,500 in new federal debt for each individual within the nation.

The expansion within the annual deficit beneath Trump ranks because the third-biggest enhance, relative to the scale of the economic system, of any U.S. presidential administration.

It’s simple to confuse debt and deficit, so remember the fact that the deficit is the month-to-month or yearly quantity the federal government has to borrow. The debt is the cumulative quantity the nation owes all through its historical past.

To look again on it now, the headlines right here at PoliticusUSA had been staggering. Trump and Republicans elevated the month-to-month deficit by 66% from May to June 2018. In August of 2018, Trump and House Republicans created a deficit that was twice as big as any month in the previous year.

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Kevin McCarthy and most of the similar Home Republicans now calling for spending cuts ran up these deficits and added to the debt with out asking Trump for any spending cuts in return. The large driver was the $1.9 trillion Trump/Republican tax cuts for the wealthy. Many of the Trump debt ($4.8 trillion) was run up earlier than COVID. Republicans added greater than a trillion {dollars} a 12 months to the debt by way of tax cuts and elevated spending earlier than the pandemic hit, and now they’ve the nerve to demand spending cuts from Biden.

Republicans are asking Biden and the American individuals to pay for the payments they ran up in appreciable half by slicing taxes for the rich and companies with cuts to packages like Medicare and Social Safety.

President Biden has a justifiable place in saying no to Home Republican calls for for spending cuts. Beneath Trump, House Republicans raised the debt ceiling without offsetting cuts three times.

If Home Republicans need to elevate income to cowl the growing debt ceiling, they will begin by elevating taxes on the rich and companies and cleansing up their deficit and debt mess.

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