Trump Is The King of Debt
01/14/21
Trump’s Legacy of HUGE DEBT
One of Trump’s lesser known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt.
The national debt has risen by over $8 Trillion during Trump’s time in office. That’s nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country.
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.”
Trump is clearly incompetent.
One of Trump’s lesser known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt.
The national debt has risen by over $8 Trillion during Trump’s time in office. That’s nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country.
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.”
Trump is clearly incompetent.
National Debt Reaches New High Under Trump
01/04/19
According to a Treasury Department report released on 1/3/19, the US national debt stood at $21.974 TRILLION at the end of 2018, more than $2 TRILLION higher than when Trump took office.
Don’t forget that as a candidate, Trump promised to “get rid of” the national debt, telling the Washington Post in 2016 that he could make the US debt-free “over a period of eight years.” Yeah, right, Donnie.
This is further proof that Trump is not fit for the office of president. He is nothing more than a bullshit artist with no plan and no governmental experience to back up his empty rhetoric.
$1.4 TRILLION Added to the National Debt
02/04/18
Trump, the financial illiterate who has filed for business bankruptcies no less than SIX times, has been spewing more fake facts by taking credit for his new tax plan passed in December of 2017 that, by conservative estimates from the nonpartisan Joint Committee on Taxation, will add $1.4 TRILLION to the national debt with its giveaways to large corporations at the expense of the middle class. Joe Biden summed it up when he said that Trump’s tax bill was fundamentally about the rich stealing money that they didn’t earn from working people while portraying himself as a champion of national unity. Trump’s minuscule middle class tax cut that puts a few more dollars in each of our paychecks while adding to the national debt then ultimately has to be paid back. You can’t spend your way out of debt, especially $1.4 trillion worth of new debt! But Trump is just hanging a carrot in front of his uneducated and uninformed support base to make himself look good while the string connected to the end of that carrot is attached to you, me, our children, our grandchildren, and generations yet to be born. So remember, folks, during the upcoming 2018 and 2020 elections, that this tax plan was voted in entirely by Republicans — not even one single Democrat voted in favor of this legislation.
Record High Borrowing Under Trump's Watch
01/31/18
Trump very conveniently didn’t mention the looming economic problem of the growing national debt in his State of the Union address. On 1/31/18, the Treasury Department announced that in Trump’s first full year in charge of the budget, the federal government is on track to borrow nearly $1 TRILLION, which is an 84% increase from what the government borrowed in fiscal year 2017 ($519 billion) and the highest amount of borrowing in six years! This additional borrowing is what drives up inflation, and which is why the interest rates on U.S. government bonds hit the highest level since 2014. That, in turn, is one of the major reasons for the worst weekly sell-off in the stock market in two years (on 2/2/18, when the DJI dropped by 665.75 points in one day). Read about it here. Trump is clearly unqualified for any government position representing the people of the United States. 45 is not my president!
The Government Shutdown
01/24/18
Republicans’ failure to govern pushed the government to a shutdown at midnight on 1/20/18. This was the first modern government shutdown with Congress and the White House controlled by the same party, and it came on the one-year anniversary of Trump’s inauguration.
As is the predictable pattern of dysfunctional narcissists, Trump once again projected the blame on others instead of taking ownership of the failure under his watch. Try as he may to deflect and project blame on others, history will record Trump as the real failure that he is.
In a statement issued shortly before the government closed at midnight on 1/20/18, White House press secretary Sarah Huckabee Sanders said: “Senate Democrats own the Schumer shutdown.” Nice try, Sarah, but let’s more accurately restate that with real news instead of your fake news: “Trump owns the shutdown hands down, and he is the failure.” Just as he was unable to lead the country to bring both sides of the aisle together to pass his failed health care plan, this shutdown once again focused a bright magnifier on Trump’s inability to lead by failing to bring both parties together for the good of the citizens of America. It’s going to take “cooperation,” not one side of the aisle bullying the other side of the aisle; but Trump, the ultimate schoolyard bully, never learned the concept of cooperation and has never had what it takes to foster a cooperative work environment anywhere he’s ever been. His style is dictatorial, and that doesn’t work in a democracy. It’s not a “Republican Senate” or a “Democratic Senate;” it’s “the Senate” — one Senate. Trump will never succeed as a government leader unless he learns how to lead by bringing all parties together in the spirit of cooperation to work for the good of the people instead of the good of individual parties. But instead, Twidiot was busy behind closed doors exercising his thumbs on Twitter, once again blaming and dividing instead of using his self-proclaimed, but highly questionable, “art of the deal” skills to bring the factions together for the common good. But he didn’t. Why not? Because, as CNN reported, “He doesn’t possess any sort of deep policy knowledge on this issue and he is uninterested in educating himself on the finer points of the policy debates at work in the shutdown in order to have any sort of real influence over the way forward. When Trump has waded into this government funding/immigration fight, he’s managed to muddy the waters rather than make them clearer.” Trump has proven he truly does not have what it takes to make a deal, and more importantly, he has proven to America that he does not have what it takes to be president. As such, he has the lowest approval rating of any president in the history of America.