After Trump said he could eliminate the national debt “over a period of eight years,” the national debt reaches its highest level since after WWll. Do you think Trump can still keep his word and eliminate it? Scroll down to see the results.
One of President Trump’s most storied campaign promises was to eliminate the national debt. In the meantime, the national debt reaches its highest post-WWII peak: The Congressional Budget Office reported that the U.S. debt reached 21 trillion dollars on March 15, 2018, and that number continues to rise. Can President Trump and his supporters in Congress make good on his promise to eliminate it?
Before we get into the question, there are some important ideas to understand. In order to have a nuanced and insightful conversation about Trump’s fiscal policy and the question of our national debt, there are a few words to know. First of all, the national debt is not the same as the national deficit. The deficit refers to the difference between what the government spends and what it takes in, known as outlays and revenue, respectively. Our national debt, on the other hand, is all of the money that the federal government borrows in a year to cover the budget deficits for that year. Something else to keep in mind is that President Trump inherited a national debt of about 19.9 trillion dollars from the Obama Administration, who exited office having slightly lowered national debt by about 0.1 percent of national debt under President Bush.
The New York Times reported that based on post-Carter numbers, each republican president increased national debt while each democratic president decreased it. The most notable difference is that between the Clinton and Bush administrations. It is important to recognize that our economy does not exist in a vacuum, so increased debt is not necessarily a bad thing. Increased spending is sometimes necessary in recession circumstances, such as the housing crisis of 2008.
With all of that in mind, we come to the question of national debt under President Trump. At the rate we see today, our national debt is projected to nearly double the size of the entire U.S. economy by 2028, according to the Congressional Budget Office. The Trump Administration policy currently is comprised of tax cuts to wealthy Americans and large corporations, a massive increase in non-discretionary spending (Melania Trump’s decision to stay in Trump Tower until June 2017 cost taxpayers upwards of 100,000 dollars a day, in addition to the security detail for Mr. Trump in Washington DC), and increased government spending (President Trump has promised 12 billion dollars in aid for farmers hurt by his trade wars). All of these have contributed to the increase in national debt and will continue to pull it ever higher.
Can President Trump eliminate national debt altogether? It is mathematically improbable. But is it still possible for him to reduce the national deficit and deficit spending, resulting in a lowered national debt by the time he exits office? Of course. However, that would require some drastic changes in current policy. How likely do you think that is? We asked Zip Poll participants what they thought, and 73% said that they believe in President Trump, and 27% think he is delusional. Read more about the national debt on CBS News here.
Here’s how people on the Zip app are weighing in on this all over the country!
After Trump said he could eliminate the national debt “over a period of 8 years,” the national debt reaches its highest level since after WWll. Do you think Trump can still keep his word and eliminate it?
Yes, believe in him
No, he’s delusional