transporter
Well-Known Member
So over the past few days some really stupid memes are making the rounds comparing the economy in the first year under the previous administration vs the current one. Naturally the Trump cultists think Trump has been some sort of economic miracle....naturally they are too stupid to understand the difference situation of when they entered office. One of the items was about the deficit.
Today this bit of news hit the wires:
The debt soared under Obama due to the need to reinflate a seriously damaged economy. The annual deficit shrunk as the economy recovered and then began expanding again.
Trump entered during a period of extended growth....that has continued. Instead of working towards repairing our national balance sheet, Trump signed off on a massive tax cut AND significant spending increase. The deficit and debt are ballooning under his watch.
Obama's initial deficits were justified...Trump's initial increasing deficits are just irresponsible.
Today this bit of news hit the wires:
That $22 trillion national debt number is huge, but here's what it really means
National debt for the first time passed $22 trillion this week — a big, scary number that really doesn't pose much of a threat now but threatens to in the future.
...
resident Barack Obama's administration racked up nearly as much debt in eight years than in the entire 232-year history of the country before he took office. He entered with $10.6 trillion in total debt and left with the country owing $19.9 trillion. That's an average tab of $1.16 trillion a year.
Under President Donald Trump, the debt also has climbed. The $2.06 trillion increase works out to about $991 billion a year, or slightly less than the pace Obama had set.
The debt soared under Obama due to the need to reinflate a seriously damaged economy. The annual deficit shrunk as the economy recovered and then began expanding again.
Trump entered during a period of extended growth....that has continued. Instead of working towards repairing our national balance sheet, Trump signed off on a massive tax cut AND significant spending increase. The deficit and debt are ballooning under his watch.
Obama's initial deficits were justified...Trump's initial increasing deficits are just irresponsible.