The national debt just barreled past $23 trillion. Here’s how Trump’s $3 trillion portion compares to Obama, Bush, and Clinton – By Business Insider Newsroon (Business Insider) / Nov 25 2019
- The national debt of the United States barreled past $23 trillion on November 1, according to data from the Treasury Department.
- It marked the most money the federal government has owed and is a result of a growing budget deficit, which neared $1 trillion in the last fiscal year.
- Yet three years into a norm-shattering presidency, Donald Trump’s spending binge doesn’t end up wrecking another.
- He’s in line with past Republican presidents like George W. Bush, who racked up deficits with boosts in military spending and tax cuts.
- The pace at which Trump has added to the national debt isn’t as surprising as it might initially seem. A different picture emerges when you look under the hood.
- Here’s how Trump’s share of the federal debt compares with Bush’s, Barack Obama’s, and Bill Clinton’s.
The national debt of the United States barreled past $23 trillion on November 1, according to data from the Treasury Department. It marked the most money the federal government has owed and is a result of a growing budget deficit, which neared $1 trillion in the last fiscal year.
To put that in perspective, the $23 trillion figure is roughly equal to the economies of China, Japan, and Germany combined, according to the Peterson Foundation, an organization advocating deficit reduction.
Yet three years into a norm-shattering presidency, Donald Trump’s spending measures up similarly with that of his predecessors.
He’s in line with past Republican presidents like George W. Bush, who racked up deficits with boosts in military spending and a wave of tax cuts. Trump has added about $3 trillion to the national debt so far during his nearly three years in office, despite his pledge to wipe it out in eight years and his campaigning on being “the king of debt.”
Continue to article: https://www.yahoo.com/news/national-debt-just-barrelled-past-174151571.html
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Andy Kiersz/Business Insider
