Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years
Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years
The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.
The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.
Shocking....when has a Republican even been fiscally responsible when they in charge.
Seriously, right?? Conserving what? ☠️
Conservatives: “I have brought peace, freedom, justice, and security to my new empire.”
The rest of the US: “Your new empire??”
Conservatives: “Don’t make me kill you.”
I mean we knew that at the time. We are still digging out from Bush's wars.
Reagan era "starve the beast".
I'd like to see a graph of tax revenue vs wealth per payer.
What I'm seeing here is an almost shockingly straight line on the national debt trending upwards through both presidencies until a spike after COVID.
Our leaders have been selling our future to their rich friends for decades, and an indefinitely growing debt is not in any way sustainable.
Look closer at Obama’s line. He was decelerating, the line was leveling.
do not give oragnturd the credit here. blame every conservative in the senate, and starting with the turtle 'comrade' mcconnell.
trump is a fucking idiot who would sign anything in front of him. giving him this credit is giving cover to the people still in office doing this bullshit.
When we can't get a balanced budget amendment passed, no matter which party has both the presidency and congress, you know we're never paying this down.
It's just that non-stop party before the bomb drops in DC, they dgaf.
Can we see this chart with Biden added?
Please from this image identify who has been the quickest adding debt over time.
Every year the government issues bonds in the amount of the trade deficit, in the belief that we must balance the amount of goods and services that export with the total that we import. Those bonds are government debt. We do not need to issue them.
When faced with the burden of paying off debt "the government faces the following choices: (a) pay it off by raising taxes, (b) pay it off by issuing money, (c) default, (d) pay it off by rolling over, that is, by issuing a new bond.
If (a), then the burden is borne by taxpayers (now)
If (b), the subsequent price level is higher, so the burden takes the form of a tax on money holdings and other instruments of fixed nominal value.
If (c), default, the burden is borne by those who suffer the adverse consequences of default.
If (d), then the rollover will mean that there will more debt (later) than there would otherwise have been and we have the same choices again when the new payments come due. If the decision is to roll over each time, then the debt/GDP ratio will hit a level at which the government defaults sooner than otherwise."