Trump’s legacy: $8 trillion-plus in added debt in one term

[mystery-ak]

Trump’s legacy: $8 trillion-plus in added debt in one term
by Jay Heflin, Business Editor |
 | December 31, 2020 06:30 AM

President Trump promised in the 2016 campaign to eliminate the federal debt over a two-term presidency. That pledge won't come to fruition, and, in fact, he will leave office having added massively to the debt.

“His tenure has been marked by a total disregard for any concern about mounting debt,” said Jim Capretta, a resident fellow at the American Enterprise Institute, a right-leaning think tank in Washington, D.C.

When Trump was inaugurated on Jan. 20, 2017, the total national debt was nearly $20 trillion, according to the Treasury Department. It has increased over roughly 30% since, nearly $8 trillion, to $27 trillion, as of Monday.

For comparison, President Barack Obama added roughly $9 trillion to the national debt during his eight years in office, according to the Treasury

more
https://www.washingtonexaminer.com/news/trumps-legacy-added-debt-one-term

[skeeter]

There'll be no mention of Covid, nor of the epic government shutdown fights. It'll simply be 'trumps legacy' as if some other president would've been able to do it differently.

[Victoria33]

"When Trump was inaugurated on Jan. 20, 2017, the total national debt was nearly $20 trillion, according to the Treasury Department. It has increased over roughly 30% since, nearly $8 trillion, to $27 trillion, as of Monday."  Trump did that in 4 years.

For comparison, President Barack Obama added roughly $9 trillion to the national debt during his eight years in office, according to the Treasury.

Trump spends other people's money.  He also made money by charging the government when he had the SS and other government people at his golf courses and in his hotels.

He is now mad at Melania for her choices redecorating their apartment in his resort in Florida.   He will hate her forever for what she did as he always holds a grudge when he gets angry due to what someone did.

[skeeter]

"When Trump was inaugurated on Jan. 20, 2017, the total national debt was nearly $20 trillion, according to the Treasury Department. It has increased over roughly 30% since, nearly $8 trillion, to $27 trillion, as of Monday."  Trump did that in 4 years.

For comparison, President Barack Obama added roughly $9 trillion to the national debt during his eight years in office, according to the Treasury.

Trump spends other people's money.  He also made money by charging the government when he had the SS and other government people at his golf courses and in his hotels.

He is now mad at Melania for her choices redecorating their apartment in his resort in Florida.   He will hate her forever for what she did as he always holds a grudge when he gets angry due to what someone did.

The president doesn't 'spend' money. Congress spends money.

Again, no mention of Covid or the record shutdowns during budget fights over the past four years.

Tiresome.

[Wingnut]

"When Trump was inaugurated on Jan. 20, 2017, the total national debt was nearly $20 trillion, according to the Treasury Department. It has increased over roughly 30% since, nearly $8 trillion, to $27 trillion, as of Monday."  Trump did that in 4 years.

For comparison, President Barack Obama added roughly $9 trillion to the national debt during his eight years in office, according to the Treasury.

Trump spends other people's money.  He also made money by charging the government when he had the SS and other government people at his golf courses and in his hotels.

He is now mad at Melania for her choices redecorating their apartment in his resort in Florida.   He will hate her forever for what she did as he always holds a grudge when he gets angry due to what someone did.

DJT Haters gotta hate. 

[catfish1957]

DJT Haters gotta hate.

Not a DJT hater, but when does come to the control of the deficit, Mr. Trump gets a big fat "F" 

Anyone who says otherwise, see V33's highlighted comments above....   Trump $7T in 4 years vs Obama's $9T in 8. The numbers don't lie.

[catfish1957]

The president doesn't 'spend' money. Congress spends money.
 

Tiresome.

Sorry, but as leader of the party, he basically gives directional guidance on how he wants to see spending as chief executive of our government.  He also owned a pen to veto out of control spending which was visiably absent as congress was spending like drunk sailors on leave.

Yes, he is culpable.

[jmyrlefuller]

"When Trump was inaugurated on Jan. 20, 2017, the total national debt was nearly $20 trillion, according to the Treasury Department. It has increased over roughly 30% since, nearly $8 trillion, to $27 trillion, as of Monday."  Trump did that in 4 years.

For comparison, President Barack Obama added roughly $9 trillion to the national debt during his eight years in office, according to the Treasury.

For comparison, though:
—Trump had no role in government (other than the usual campaign donation/bribery) prior to being elected in 2016 and had no say in policies instituted before then. On the other hand, Obama as Senator openly supported and voted in favor of the runaway government spending that began in 2008 under George W. Bush and continued under the first two years of Obama—before sequestration and the "fiscal cliff" panic finally reined things a little bit in for a few years.
—As a percentage of the current debt, Bush, Obama and Trump are roughly on the same pace, to double the national debt every eight years. We haven't had fiscal sanity in Washington since Bill Clinton was President and Newt Gingrich and Trent Lott were running Congress—and how much of that was due to the pressure Ross Perot put on them?

This is a decades-long disaster that Trump did nothing to stop or help. The GOP's obsessions with "cut the tax rates" (without corresponding spending cuts) are why the party isn't taken seriously anymore.

[catfish1957]

For comparison, though:
—Trump had no role in government (other than the usual campaign donation/bribery) prior to being elected in 2016 and had no say in policies instituted before then. On the other hand, Obama as Senator openly supported and voted in favor of the runaway government spending that began in 2008 under George W. Bush and continued under the first two years of Obama—before sequestration and the "fiscal cliff" panic finally reined things a little bit in for a few years.
—As a percentage of the current debt, Bush, Obama and Trump are roughly on the same pace, to double the national debt every eight years. We haven't had fiscal sanity in Washington since Bill Clinton was President and Newt Gingrich and Trent Lott were running Congress—and how much of that was due to the pressure Ross Perot put on them?

This is a decades-long disaster that Trump did nothing to stop or help. The GOP's obsessions with "cut the tax rates" (without corresponding spending cuts) are why the party isn't taken seriously anymore.

Will agree 80%, but still if Trump had any sembelence of wanting government fiscal restraint, he'd welded the veto pen at every pork barreled moment.

Sorry....  this is his defict, and on his watch.

[GtHawk]

Will agree 80%, but still if Trump had any sembelence of wanting government fiscal restraint, he'd welded the veto pen at every pork barreled moment.

Sorry....  this is his defict, and on his watch.

That is what really bugged me the most, maybe the supposed representatives of the people would still have porked our future generations into the poor house but by vetoing the spending bills Trump would have made them own it, instead all he did was make him look like every other politician that only said whatever it took to get elected. On the plus side with Trump no new wars, more conservative judges though once again the USSC appears to be a huge disappointment and with Trump we, even if it was for a short time, had someone at the helm that put America and love of country at the forefront and didn't bend over for and bow to our enemies.

[Weird Tolkienish Figure]

There'll be no mention of Covid, nor of the epic government shutdown fights. It'll simply be 'trumps legacy' as if some other president would've been able to do it differently.

It's ok when we do it, huh?

[FeelNoPain]

It's ok when we do it, huh?

In January, 2017, there was the fortuitous discovery of "nuance."

[Fishrrman]

"Trump’s legacy: $8 trillion-plus in added debt in one term"

Wait until the harris-biden regime grinds into gear.
We'll probably see $8 trillion of debt FOR EACH YEAR from now on, if not more.

But not to worry.
Before too long, the communists will nationalize the banks, take over the stock exchanges, and raid the 401k's to "pay for it all"...

[skeeter]

It's ok when we do it, huh?

I'm sorry, did you say something?

[skeeter]

Sorry, but as leader of the party, he basically gives directional guidance on how he wants to see spending as chief executive of our government.  He also owned a pen to veto out of control spending which was visiably absent as congress was spending like drunk sailors on leave.

Yes, he is culpable.

Yes, as president he is culpable. Even more so is Congress. Sure, he signed the budgets in the end but I recall several shutdowns, one record setting one, while his own party was working for the other team.

Calling it 'Trump's legacy' belies ignorance of how things have worked, rightly or wrongly, in DC for decades.

[catfish1957]

Yes, as president he is culpable. Even more so is Congress.

Calling it 'Trump's legacy' belies ignorance of how things have worked, rightly or wrongly, in DC for decades.

Agree.  Fiscal sanity has been gone since the days of Gingrich and then Reagan. But again.....    If Trump had any interest in managing the debt, he would have whipped out the veto pen.  He didn't even come close, even once.  He let congress spend unabated. That's on him.

[skeeter]

Agree.  Fiscal sanity has been gone since the days of Gingrich and then Reagan. But again.....    If Trump had any interest in managing the debt, he would have whipped out the veto pen.  He didn't even come close, even once.  He let congress spend unabated. That's on him.

Walk me through how that would've worked.

[catfish1957]

Walk me through how that would've worked.

Huh?...  Congress enacts spending bills outside budgetary scope.  Trump vetos.  Senate fails to secure 2/3 vote to override.   Hell, he didn't even try to go the approach of a line item veto for that fact. 

One of my biggest hopes that being a business man, Trump would have understood the concept of the overall "bottom line"

[skeeter]

Huh?...  Congress enacts spending bills outside budgetary scope.  Trump vetos.  Senate fails to secure 2/3 vote to override.   Hell, he didn't even try to go the approach of a line item veto for that fact. 

One of my biggest hopes that being a business man, Trump would have understood the concept of the overall "bottom line"

The line item veto is 'unconstitutional'. What you are saying is you are upset he did not make use of the gesture of a veto, because the veto would've surely been overridden.

[thackney]

...Hell, he didn't even try to go the approach of a line item veto for that fact....

Presidents do not have the power of a line item veto.  It is all or none.

[catfish1957]

The line item veto is 'unconstitutional'. What you are saying is you are upset he did not make use of the gesture of a veto, because the veto would've surely been overridden.

2/3 vote would have been needed to override.  Last I saw the past 4 years, dims never got that close.

[skeeter]

2/3 vote would have been needed to override.  Last I saw the past 4 years, dims never got that close.

No the rats couldn't have gotten 2/3s. They would've needed, and would have gotten, plenty of help.

If the GOP were interested in controlling spending 'Trump's government shutdowns' would've made some progress.

[catfish1957]

No the rats couldn't have gotten 2/3s. They would've needed, and would have gotten, plenty of help.

We have RINO's. but if Trump et. al, would have made them tax and spend pariahs, that would have been short lived.  I don't think they could mustered enough votes to override personally.

I would have loved to have seen the past 4 years returned to fiscal sanity.  If Trump really saw it as a priority, I think we would have seen action supporting that position.  But again, the bottom line is his administration  out-spent Obama.  And that is saying a lot

[skeeter]

We have RINO's. but if Trump et. al, would have made them tax and spend pariahs, that would have been short lived.  I don't think they could mustered enough votes to override personally.

I would have loved to have seen the past 4 years returned to fiscal sanity.  If Trump really saw it as a priority, I think we would have seen action supporting that position.  But again, the bottom line is his administration  out-spent Obama.  And that is saying a lot

Congress spent the money, not his administration. Its the law.

[catfish1957]

Congress spent the money, not his administration. Its the law.

No fault of Trump at all huh...  Gotcha....

[skeeter]

No fault of Trump at all huh...  Gotcha....

We can go all day this way. It simply isn't as you imply, thats all.

[LMAO]

In January, 2017, there was the fortuitous discovery of "nuance."

@FeelNoPain

The day the TEA Party died

[corbe]

   Trump rarely mentioned 'Debt' or 'Deficit' during his campaign, that was Cruz.

[libertybele]

The impact of the Chinese virus devastated the economy, even at that Trump has been able to revitalize the economy.  This virus was a means to collapse Trump's booming economy, destroy our Republic and make people dependent on government 'stimulus' checks and increased unemployment benefits.

I see the $8 trillion as the Biden/Chinese/Obama legacy.

[skeeter]

   Trump rarely mentioned 'Debt' or 'Deficit' during his campaign, that was Cruz.

I wish Trump had used the bully pulpit to hammer the deficit. It was not a priority of his, that’s true.

But a bully pulpit is the only tool he had. To call the deficit his ‘legacy’ and ignore the systemic reasons we overspend year after year for decades is just silly.

[corbe]

   He sent a Budget to Congress every year, the Pakistani transgender money was in his budget.   /JS

[LMAO]

Not a DJT hater, but when does come to the control of the deficit, Mr. Trump gets a big fat "F" 

Anyone who says otherwise, see V33's highlighted comments above....   Trump $7T in 4 years vs Obama's $9T in 8. The numbers don't lie.

^This

[skeeter]

   He sent a Budget to Congress every year, the Pakistani transgender money was in his budget.   /JS

I'm sure it was. As it would've been if it had been president Cruz sending the budget to congress.

[LMAO]

I'm sure it was. As it would've been if it had been president Cruz sending the budget to congress.

Speculation

[skeeter]

Speculation

Right. Simply because no other president in modern times has been able to force congress to control its spending doesn't mean President Cruz wouldn't have been able to.

[HoustonSam]

I wish Trump had used the bully pulpit to hammer the deficit. It was not a priority of his, that’s true.

But a bully pulpit is the only tool he had. To call the deficit his ‘legacy’ and ignore the systemic reasons we overspend year after year for decades is just silly.

@corbe
@skeeter

I agree with both of you on Trump's fiscal policy.  He did not run as a deficit hawk, and did not act as one; I do blame him for that.  But the reasons for the annual deficit/total debt are much more complex than what one president does or doesn't do.

Bringing the debt under control will require, in my opinion, the will to shut the Federal government down and leave it shut down until the next election if necessary.  I would like to see an R candidate say that in unmistakably clear terms, but it would likely be a political suicide note, and I would not expect a pragmatist like Trump to write a suicide note.

[skeeter]

@corbe
@skeeter

I agree with both of you on Trump's fiscal policy.  He did not run as a deficit hawk, and did not act as one; I do blame him for that.  But the reasons for the annual deficit/total debt are much more complex than what one president does or doesn't do.

Bringing the debt under control will require, in my opinion, the will to shut the Federal government down and leave it shut down until the next election if necessary.  I would like to see an R candidate say that in unmistakably clear terms, but it would likely be a political suicide note, and I would not expect a pragmatist like Trump to write a suicide note.

Whichever president decides to fight congress to the death on the budget will have to settle on a single term. And after they are gone congress will go right back to spending again.

The process desperately needs changing and, even more importantly, the American people need educating on the eventual catastrophic ramifications of continued deficit spending. Total economic collapse will be a near extinction level event.

[HoustonSam]

Whichever president decides to fight congress to the death on the budget will have to settle on a single term. And after they are gone congress will go right back to spending again.

The process desperately needs changing and, even more importantly, the American people need educating on the eventual catastrophic ramifications of continued deficit spending. Total economic collapse will be a near extinction level event.

@skeeter I agree.  Fundamentally the problem is not with elected officials, it's with we, the people, who continue to elect them.  So it won't be enough to have a president who's willing to be defeated for re-election; we need a majority of Representatives and Senators who are similarly willing.  But as long as we have a FedGov that spends in the trillions, the power trip enjoyed by the legislators who dole out that money is just too large; it's not within the flaws of the human condition to lay aside that kind of influence.

So at some point I tend to come back to my friend @roamer_1 's position : starve the beast.  Unfortunately we've delegated to that beast the power to compel that we feed it as much as it wants.  The only way to turn this around is to confront and take back that power.  And since we can't trust our elected legislators to represent us effectively on that, I don't have a short-term alternate solution to offer.  The real solution is a much longer term counterattack through the media and education to change how rank-and-file Americans think, and those grounds are completely against us.

[skeeter]

@skeeter I agree.  Fundamentally the problem is not with elected officials, it's with we, the people, who continue to elect them.  So it won't be enough to have a president who's willing to be defeated for re-election; we need a majority of Representatives and Senators who are similarly willing.  But as long as we have a FedGov that spends in the trillions, the power trip enjoyed by the legislators who dole out that money is just too large; it's not within the flaws of the human condition to lay aside that kind of influence.

So at some point I tend to come back to my friend @roamer_1 's position : starve the beast.  Unfortunately we've delegated to that beast the power to compel that we feed it as much as it wants.  The only way to turn this around is to confront and take back that power.  And since we can't trust our elected legislators to represent us effectively on that, I don't have a short-term alternate solution to offer.  The real solution is a much longer term counterattack through the media and education to change how rank-and-file Americans think, and those grounds are completely against us.

The line item veto would be the only way to control spending given the current circumstances, at least we could fairly blame the president for out of control spending.

Unfortunately the SCOTUS has eliminated that route as a possibility. Which may turn out to have been the bullet to the head of this republic.

[roamer_1]

@skeeter I agree.  Fundamentally the problem is not with elected officials, it's with we, the people, who continue to elect them.  So it won't be enough to have a president who's willing to be defeated for re-election; we need a majority of Representatives and Senators who are similarly willing.  But as long as we have a FedGov that spends in the trillions, the power trip enjoyed by the legislators who dole out that money is just too large; it's not within the flaws of the human condition to lay aside that kind of influence.

So at some point I tend to come back to my friend @roamer_1 's position : starve the beast.  Unfortunately we've delegated to that beast the power to compel that we feed it as much as it wants.  The only way to turn this around is to confront and take back that power.  And since we can't trust our elected legislators to represent us effectively on that, I don't have a short-term alternate solution to offer.  The real solution is a much longer term counterattack through the media and education to change how rank-and-file Americans think, and those grounds are completely against us.

Indeed, @HoustonSam , and in bare fact, the ONLY strategy that regains the ballot box and restores proper order is to elect a Congress worthy of its name and that Congress jealous of it's power.

All this carrying on about presidents is an utter waste of time. Presidents are fine and all, but the power lies in the Congress. And believe me, a Congress with Conservatives at the levers of power, jealous of that power, would turn DC upside down like no other thing.

[roamer_1]

As long as Turtle and the moderates own the Congressional seats of power and the RNC there ain't a dang thing that will change - And I long ago quit believing the Republicans were capable of making that change, which is why I opted out and began working toward a new party. Let the Republicans go the way of the Whigs.

[truth_seeker]

Who owns this debt?
Do you expect it to be fullly repaid?

[Absalom]

"When Trump was inaugurated on Jan. 20, 2017, the total national debt was nearly $20 trillion, according to the Treasury Department. It has increased over roughly 30% since, nearly $8 trillion, to $27 trillion, as of Monday."  Trump did that in 4 years.
For comparison, President Barack Obama added roughly $9 trillion to the national debt during his eight years in office, according to the Treasury.
Trump spends other people's money.  He also made money by charging the government when he had the SS and other government people at his golf courses and in his hotels.
He is now mad at Melania for her choices redecorating their apartment in his resort in Florida.   He will hate her forever for what she did as he always holds a grudge when he gets angry due to what someone did.

-------------------------------
Victoria 33,
As you're aware, Trump has been unhinged since his toddler days, as his actions and behavior reaffirm, each and every day of his existence.
Yet his core supporters are incapable of seeing reality and criticizing his behavior no
matter how absurd.

[Right_in_Virginia]

Don't cry over spilled milk.  Everyone should just pray GA does the right thing on Jan 5 so we can be blessed with McConnell as our firewall against this dastardly out-of-control spending going forward. 

[roamer_1]

Who owns this debt?
Do you expect it to be fullly repaid?

Full faith and credit...

[roamer_1]

Don't cry over spilled milk.  Everyone should just pray GA does the right thing on Jan 5 so we can be blessed with McConnell as our firewall against this dastardly out-of-control spending going forward.   

 

Now that's funny, right there...

[Right_in_Virginia]

Now that's funny, right there...