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Thread: Federal debt since Trump took office is up $2.076 trillion

  1. #1
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    Default Federal debt since Trump took office is up $2.076 trillion

    My source is https://www.treasurydirect.gov/govt/...tothepenny.htm

    Year 1 - + $546 billion
    Year 2 - + 1.5 trillion

    I seem to recall campaign rhetoric about eliminating the deficit and the debt. Not off to a particularly stellar start. Note year one above is BEFORE the trump/repug tax cuts kicked in.

    The public debt tends to be relatively flat during the first 7-8 months of the year then to increase significantly through the end of the year. I base that on examining the debt numbers in the link above.

  2. #2
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    Default Re: Federal debt since Trump took office is up $2.076 trillion

    Every few months the CBO does a 10 year projection of the debt. You might compare your numbers to those of the CBO issued prior to Trump taking office. A lot of the debt increase is due to prior administrations.
    Life is complex.

  3. #3

    Default Re: Federal debt since Trump took office is up $2.076 trillion

    Quote Originally Posted by Too Little Time View Post
    Every few months the CBO does a 10 year projection of the debt. You might compare your numbers to those of the CBO issued prior to Trump taking office. A lot of the debt increase is due to prior administrations.
    I'm sure you're right, the huge tax cut had nothing to do with it...

  4. #4
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    Default Re: Federal debt since Trump took office is up $2.076 trillion

    Quote Originally Posted by Too Little Time View Post
    Every few months the CBO does a 10 year projection of the debt. You might compare your numbers to those of the CBO issued prior to Trump taking office. A lot of the debt increase is due to prior administrations.
    Quote Originally Posted by Chris Smith porter maine View Post
    I'm sure you're right, the huge tax cut had nothing to do with it...
    I looked at earlier CBO figures. It's true that debt rose rapidly from 2008 under Obama, mainly due to borrowing to offset the effects of the recession, but there seems to be little doubt that Trump's tax policy has caused a big surge....

    Recent legislation's role in the increased deficits is very clear. CBO estimated that the tax law would cost $164 billion in FY 2018, which would account for the entire deficit increase. The spending deal was estimated to cost $68 billion, which would account for about 60 percent of the increase. These estimates suggest that if neither of these laws were enacted, the deficit would have declined to about $550 billion this year. Both laws are expected to cost more next fiscal year ($228 billion and $185 billion, respectively), as the deficit is expected to reach nearly $1 trillion.

    https://www.crfb.org/blogs/cbo-shows...eficit-fy-2018

    Moreover, should current tax policies stay in place, rather than sunset as they are designed to do, the debt burden will get even worse.
    The main culprit of public debt is budget deficits, which have surged under Trump though the CBO now expects the shortfall to be a cumulative $1.2 trillion less than previous projections. The office estimates that annual deficits will start topping $1 trillion in 2022, from an estimated $900 billion in fiscal 2019.
    The Trump administration has said economic growth will pay for the added debt and deficit burden, but so far that hasn’t been the case despite the fastest GDP gains of the recovery.

    https://www.cnbc.com/2019/02/13/that...lly-means.html
    Every time I see an adult on a bicycle, I no longer despair for the future of the human race. H. G. Wells

  5. #5
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    Default Re: Federal debt since Trump took office is up $2.076 trillion

    2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
    Debt Held by the Public at the
    Beginning of the Year 14,168 14,665 15,688 16,762 17,827 18,998 20,319 21,638 22,932 24,338 25,715 27,087

    The above numbers are from one of the CBO projections at https://www.cbo.gov/about/products/b...conomic-data#3

    You might notice that the deficit projected for 2018 was $1 trillion. The projection was made before before Trump took office. The extra $150 billion due to the tax cuts seems minor.
    Life is complex.

  6. #6

    Default Re: Federal debt since Trump took office is up $2.076 trillion

    Quote Originally Posted by Too Little Time View Post
    2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
    Debt Held by the Public at the
    Beginning of the Year 14,168 14,665 15,688 16,762 17,827 18,998 20,319 21,638 22,932 24,338 25,715 27,087

    The above numbers are from one of the CBO projections at https://www.cbo.gov/about/products/b...conomic-data#3

    You might notice that the deficit projected for 2018 was $1 trillion. The projection was made before before Trump took office. The extra $150 billion due to the tax cuts seems minor.
    That looks wonderful, only problem I see is we are now in a time of economic growth and the deficit is not going down, it's still going up did you conservatives learn nothing from Clinton.

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    Default Re: Federal debt since Trump took office is up $2.076 trillion

    In a time of economic Growth, you want to pay down the debt.. not add to it
    "If you think you are too small to make a difference, try sleeping with a mosquito"

    -Dalai Lama

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    Default Re: Federal debt since Trump took office is up $2.076 trillion

    Quote Originally Posted by Chris Smith porter maine View Post
    That looks wonderful, only problem I see is we are now in a time of economic growth and the deficit is not going down, it's still going up did you conservatives learn nothing from Clinton.
    I see the problem. But the problem appears to be that both political parties want to spend more than they tax.

    https://www.cbo.gov/publication/55085

    CBO and JCT project that federal subsidies, taxes, and penalties associated with health insurance coverage for people under age 65 will result in a net subsidy from the federal government of $737 billion in 2019 and $1.3 trillion in 2029.
    Life is complex.

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    Default Re: Federal debt since Trump took office is up $2.076 trillion

    Republicans steal anything that's not bolted down.

    They've done the same thing each time they've controlled the government.

    And they call it "free enterprise."
    We're merely mammals. Let's misbehave! óCole Porter

  10. #10
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    Default Re: Federal debt since Trump took office is up $2.076 trillion

    Quote Originally Posted by Chris Smith porter maine View Post
    That looks wonderful, only problem I see is we are now in a time of economic growth and the deficit is not going down, it's still going up did you conservatives learn nothing from Clinton.
    Why does the masses not see this? Its kind of irrelevant anyway, it will never be paid. Nobody learned from the Japan QE experiment, but its worse for the US as much of the debt is held by foreigners..........or perhaps that is a good thing......i guess it depends on if you want to stiff the remaining allies the US has.

  11. #11
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    Default Re: Federal debt since Trump took office is up $2.076 trillion

    Thoughts and prayers.

    Pete
    Don't underestimate the power of stupid people in large numbers!

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