As tempting as it is to tune out news about the debt ceiling and budget deals, it’s time to pay attention. The excellent Daily 202 from James Hohman and the Washington Post breaks down how bad red ink has gotten under Trump.
Estimated deficit for 2019: $1 trillion +
Deficit for 2018: $779 billion
Deficit for 2016: (Obama) $587 billion
National debt as of July, 2019: $22 trillion
National debt at Trump inauguration: $19 trillion
As we remember, Pres. Obama used debt to successfully stimulate an economy that was collapsing as he took office.
Trump used debt to finance a huge tax break for corporations and rich folk, which he and the Republicans said would make things better for us average Joes.
Here’s the full quote:
Discretionary spending is growing at a faster clip under Trump than Obama. The budget deficit and the national debt are growing at even more distressing rates, however, because the Republican tax cuts have reduced revenue even more starkly than the dire forecasts. The Trump administration estimates the deficit this fiscal year will top $1 trillion, up from $779 billion last year. It was $587 billion in 2016, Obama’s last full year in office. The national debt was $19 billion [sic: that should be trillion, not billion] when Trump took power and surpassed $22 trillion this month. Even with rock-bottom interest rates, the federal government will pay out more than $350 billion this year to service that debt.
So how about it? Is your financial situation more secure as a result of the Trump tax cut?