The National Debt Has Risen By $6.6 Trillion Under Trump
As Republicans and Democrats try to figure out how best to handle the financial crisis during the pandemic the national debt has risen by $6.6 trillion under President Trump. The debt was at $19.9 trillion when Trump took over as president, but as of July 27, the figure is now $26.5 trillion according to information from the Treasury Direct which is a part of the Treasury Department. This information clashes with Trump’s assertion that he would eliminate the soaring debt when he first became President.
Trump made the promise during an interview with The Washington Post in 2016 and he said he would get rid of the debt “over a period of eight years.” Trump also said he would lower taxes and “renegotiate trade deals and renegotiate military deals” in his first several months as President. Available information seems to contradict Trump on his promises as it looks like he will spend $936 billion on defense which breaks the record held by the 2012 defense budget.
Although Trump did execute tax cuts in 2017 there is very little evidence that any money was recouped by the government and there probably will not be any in the future. Newsweek attempted to get a statement from the White House but was turned down.
One reason Trump won the presidency was his economic stance but many in his base are starting to regret their vote. The Trump administration tries to point the finger at the pandemic as the cause for the economic troubles, but many point out that the debt has been rising since before the coronavirus ever came to America. Read the Newsweek report here.