Numbers are in, convicted felon and former president Trump added twice as much to the national debt as current President Biden. I imagine Trump will get a pounding on it during the debate.
Amusingly enough, Trump's campaign is trying to spin the nation's re-election of the first Felon President as an opportunity to fix the economy Trump broke and Biden already repaired.
Trump beats Biden for ‘king of debt’ title as market braces for crush of federal bonds
Trump approved $8.4 trillion in new debt to Biden’s $4.3 trillion
Donald Trump labeled himself the “king of debt” during his 2016 run for the presidency, and he earned that title when stewarding the economy during his first term.
That’s according to a new analysis by the fiscal watchdog group Committee for a Responsible Federal Budget, which showed that President Trump approved $8.4 trillion in new 10-year borrowing during his four years in office, compared to $4.3 trillion for President Joe Biden.
Excluding COVID stimulus money, President Trump approved $4.8 trillion in new debt to Biden’s $2.2 trillion.
While past performance is not necessarily indicative of future actions, it is helpful to examine the fiscal performance from each President’s time in office for clues as to how they plan to confront these challenges or how high of a priority fiscal responsibility will be on their agendas,” the report said.
Trump campaign National Press Secretary Karoline Leavitt said in a statement to MarketWatch that “Joe Biden’s out of control spending created the worst inflation crisis in generations,” during his first term.
“The American people cannot afford four more years of Bidenomics,” she added. “When President Trump is back in the White House, he will reimplement MAGAnomics and restore an economy that uplifts all Americans.”
Biden campaign spokesperson James Singer told MarketWatch that Trump “left our economy in tatters,” and ran up the federal debt with tax cuts for the wealthy when he was in office.
“His agenda for a second term is even worse: more debt, more inflation and higher costs – $8,300 per family – all so he can give billionaires and corporations more handouts,” Singer added. “This is the Trump record and agenda in a nutshell: thoughtless bluster that hands working families the bill, gives windfalls to the super-wealthy, and weakens our economy.”
Whoever wins the November election will inherit an economy in January 2025 that is vastly different from the one that greeted Trump in 2017 or which Biden took over in 2021.
Whoever is president next January will instead inherit historic budget deficits and the legacy of a painful bout of inflation that, while waning, has made Americans extremely uneasy.
To tackle the deficit, Biden has pledged to raise taxes only on corporations and taxpayers making more than $400,000 per year, although some experts question whether long-term debt issues can be solved with that approach alone.
The CRFB estimates that the president’s budget, released earlier this year, would increase taxes on those groups by $5.2 trillion over 10 years, and increase spending by $3.3 trillion on items including expanded child tax credits, new funding for pre-K education and childcare and a national program for paid family and medical leave.
Trump has pledged to spend more than $5 trillion to make his 2017 tax cut package permanent, and his plan to deport tens of millions of undocumented immigrants could also cost upwards of $1 trillion foregone tax revenue and a worker shortage in key industries.
Trump’s plan to institute a 10% across-the-board levy on goods Americans buy from abroad would help defray some of these costs. The CRFB estimated the policy could bring in about $2 trillion over 10 years.
https://www.marketwatch.com/story/tr...bonds-6bca5ba7