Author Topic: Under Trump's watch, national debt tops $21 trillion for first time ever  (Read 992 times)

0 Members and 1 Guest are viewing this topic.

Offline ABX

  • Hero Member
  • *****
  • Posts: 900
  • Words full of sound and fury, signifying nothing.
Quote
About a year ago, President Trump pledged to eliminate the national debt "over a period of eight years." But for the first time in history, the national debt surpassed $21 trillion this week, according to the U.S. Treasury.
The landmark comes shortly after Congress passed, and Mr. Trump signed, a suspension on the federal debt limit last month, allowing the government to borrow an unlimited amount of money until March 1, 2019....

https://www.cbsnews.com/news/under-donald-trump-national-debt-tops-21-trillion-for-first-time-ever/



Offline GrouchoTex

  • Hero Member
  • *****
  • Posts: 7,384
  • Gender: Male
There should be more revenue going back into the Federal Government soon.
Tax cuts have spurred economic growth and job creation.
Will this be enough to offset the rising debt?
Probably not.
This should be coupled with spending cuts.

From the article:

But the ever-increasing national debt isn't a frequent topic for Mr. Trump, and when it does come up, he doesn't seem too concerned. He's said he's open to eliminating the debt ceiling entirely.

If this is true, I hope President Trump rethinks this. 

Offline ABX

  • Hero Member
  • *****
  • Posts: 900
  • Words full of sound and fury, signifying nothing.
There should be more revenue going back into the Federal Government soon.
Tax cuts have spurred economic growth and job creation.
Will this be enough to offset the rising debt?
Probably not.
This should be coupled with spending cuts.

From the article:

But the ever-increasing national debt isn't a frequent topic for Mr. Trump, and when it does come up, he doesn't seem too concerned. He's said he's open to eliminating the debt ceiling entirely.

If this is true, I hope President Trump rethinks this.

The tax cuts are great but the problem is they are being offset by increased prices triggered by tariffs and the continued increase in healthcare costs. The latter pretty much wiped out all the tax cuts I received.

Offline driftdiver

  • Hero Member
  • *****
  • Posts: 9,897
  • Gender: Male
  • I could eat it raw but why when I have fire
The tax cuts are great but the problem is they are being offset by increased prices triggered by tariffs and the continued increase in healthcare costs. The latter pretty much wiped out all the tax cuts I received.

The rising healthcare costs were baked in from Obamacare.   Nothing Trump has done increased those prices.  If anything his efforts to reduce regulation have had an effect of reducing costs for business and thereby putting pressure on prices to go down.

No, Congress needs to act on Obamacare to fix that issue, but I doubt they will.
Fools mock, tongues wag, babies cry and goats bleat.

Offline GrouchoTex

  • Hero Member
  • *****
  • Posts: 7,384
  • Gender: Male
The tax cuts are great but the problem is they are being offset by increased prices triggered by tariffs and the continued increase in healthcare costs. The latter pretty much wiped out all the tax cuts I received.

I haven't felt the effects of the Tariffs just yet, but I if they go into effect, I am sure I will.
Our company purchases quite a lot of steel.