Trump added $8.4 trillion to the national debt: Analysis

The Hill ^ | 01/24/2024 | TOBIAS BURNS

[ChicagoConservative27]

Tax cuts and pandemic relief measures enacted during the Trump administration added $8.4 trillion to the national debt over the 10-year budget window, according to a study released Wednesday by a top budget watchdog group.

Discretionary spending increases from 2018 and 2019 added $2.1 trillion, Trump’s signature Tax Cuts and Jobs Act added $1.9 trillion and the 2020 bipartisan CARES Act for pandemic relief added another $1.9 trillion, the Committee for a Responsible Federal Budget (CRFB), a Washington think tank, found in a study released earlier this month.

“Of the $8.4 trillion President Trump added to the debt, $3.6 trillion came from COVID relief laws and executive orders, $2.5 trillion from tax cut laws, and $2.3 trillion from spending increases, with the remaining executive orders having costs and savings that largely offset each other,” budget experts with the CRFB wrote in a summary of the report.

[ChicagoConservative27]

Not the tax cuts. All covid.

[MotorCityBuck]

+1

[Hodar]

Gov’t debt is not due to increased job creation, soaring markets, lower energy costs, low inflation, no wars, and controlled immigration.

Pres. Ronald Reagan demonstrated this, catastrophically to the DEMS policy following the joke that was Jimmy Carter.

[DoodleBob]

Committee for a Responsible Federal Budget

Maya MacGuineas (born February 21, 1968) is president of the Committee for a Responsible Federal Budget.

Born in Washington, D.C. she graduated from Northwestern University, where she majored in economics and psychology, and she received a master’s degree in public policy from the Harvard University John F. Kennedy School of Government.

Prominent past and current board members
Barry Anderson, former acting Director of the Congressional Budget Office (CBO)
Roy Ash, former OMB Director for Nixon and Ford administrations
Nancy Kassebaum Baker, former U.S. Senator from Kansas
Henry Bellmon, former Governor of Oklahoma and U.S. Senator from Oklahoma and co-founder of CRFB
Erskine Bowles, former co-chairmen of the National Commission on Fiscal Responsibility and Reform
Charles Bowsher, former Comptroller General of GAO under Reagan administration
Kent Conrad, former Chairman of the Senate Budget Committee
Dan Crippen, former CBO Director from 1999 to 2003
Mitch Daniels, former OMB Director and Governor of Indiana
Dick Darman, former OMB Director under George H.W. Bush administration
Vic Fazio, former U.S. Representative from California
William Frenzel, former U.S. Representative from Minnesota
Bill Gradison Jr., former U.S. Representative from Ohio
William H. Gray III, former U.S. Representative from Pennsylvania
Alan Greenspan, former Chairman of the Federal Reserve
Jane Harman, former U.S. Representative from California
William Hoagland, former Staff Director of the Senate Budget Committee
Douglas Holtz-Eakin, former Director of CBO, economic advisor to McCain 2008 presidential campaign
James R. Jones, former Chief of Staff to Lyndon Johnson
Lou Kerr, President and Chair of the Kerr Foundation
Jim Kolbe, former U.S. Representative from Arizona
James Lynn, former Director of OMB
Marjorie Margolies, former U.S. Representative from Pennsylvania
Dave McCurdy, former U.S. Representative from Oklahoma
James T. McIntyre, former Director of the OMB
David Minge, former U.S. Representative from Minnesota
Jim Nussle, former Director of OMB under George W. Bush
Paul O’Neill, former Secretary of the Treasury under George W. Bush
June E. O’Neill, former Director of CBO
Marne Obernaurer Jr., Chairman of the Beverage Distributors Company
Robert Packwood, former Chairman of the Senate Finance Committee
Leon Panetta, former OMB Director and Director of the Central Intelligence Agency
Rudolph Penner, former CBO Director
Timothy Penny, former U.S. Representative from Minnesota
Peter G. Peterson, former U.S. Secretary of Commerce and founder of Peter G. Peterson Foundation
Robert Reischauer, former Director of CBO and current President of the Urban Institute
John J. Rhodes, former U.S. Representative from Arizona
Alice Rivlin, founding Director of CBO, former member of Federal Reserve Board of Governors
Charles Robb, former U.S. Senator from Virginia
Martin Sabo, former Chairman of the House Budget Committee
Charles Schultze, former Chairman of the Council of Economic Advisers
Alan K. Simpson, former Republican Senator from Wyoming
John W. Snow, former Secretary of the Treasury under George W. Bush
John Spratt, former House Budget Committee Chairman
Elmer Staats, former U.S. Comptroller General
Charles Stenholm, former U.S. Representative from Texas
Eugene Steuerle, Senior Fellow at the Urban Institute
David Stockman, former Director of OMB under Reagan, former U.S. Representative from Michigan
Robert Strauss, former Chairman of Democratic National Committee
Lawrence Summers, former Treasury Secretary and Director of the National Economic Council
John Tanner, former U.S. Representative from Tennessee
Tom Tauke, former U.S. Representative from Iowa
Laura Tyson, former Chair of the White House Council of Economic Advisers
George Voinovich, former U.S. Senator from Ohio
Paul Volcker, former Chairman of the Federal Reserve
Carol Cox Wait, former President of CRFB
David Walker, former U.S. Comptroller General and Director of GAO
Joseph R. Wright, former Director of OMB under Ronald Reagan
Janet Yellen, current United States Secretary of the Treasury

[Nextrush]

Hopefully he can get things better the second time around but the GOP in Congress needs to be involved Mitch does not inspire me.

[Tell It Right]

Not the tax cuts. All covid.

Agreed. Tax revenue increased after the 2017 Tax Cuts and Jobs Act.

https://www.thebalancemoney.com/current-u-s-federal-government-tax-revenue-3305762

[Skywise]

I didn’t realize Trump controlled the purse strings of America… only the House of Representatives does that… and who controlled the house?

[gibsonguy]

The Hill - worthless rat propagandists.

[MissouriDirtFarmer]

If the Trump tax cuts were so detrimental why didn’t the Dems repeal them in 2021 when they had control of Congress and the presidency?

[HYPOCRACY]

He didn’t and even if he did interest rates were 0%. Smart money borrows at 0%.

[Dead Corpse]

Lies. Congress hasn’t passed an actual Budget in decades...

That’s why FJB and his Socialists can add trillions to the debt EACH YEAR and no on cares...

[SaveFerris]

(The Hill - worthless rat propagandists)

Yep. Lying to the idiot masses.

[Rennes Templar]

Deep Staters all.

[bray]

He should have vetoed spending.

[Texas Fossil]

Add 10 million illegal aliens to feed, what does that add to the National Debt?

Oh, I forgot, Covid was suppose to kill use and they would “walk right in”..

[lewislynn]

They can't use the racist card so they trot out the national debt card.

That's like the cages Obama ordered and funded weren't called cages until Trump was President. Oh yea and 20 yrs old is now children.

[Vermont Lt]

So…what’s the plan?

The media is all about blame. Having taken over a couple of troubled companies, I can tell you that people talk about blame all day long. The fact of the matter is that things need change in order get out of the hole we are in.

So, what’s the plan? The GOP must have a plan. We know the democrats want to tax us more.

Does anyone know what the plan is?

[Vermont Lt]

They will revert in 2025.

[Osage Orange]

Mitch the B...is way past his past due date.

[Ancesthntr]

This kind of static analysis is a complete fraud, because it doesn’t take into account how the tax cuts stimulated the economy and thus created tax revenue that otherwise would not have been in federal coffers.

Also, they gave him no credit for winding down the war in Afghanistan, which was a tremendous drain on monetary resources (not to mention a physical and mental toll on our soldiers).

Covid was THE disaster during his administration, something that was engineered and implemented by those interested in not just bringing Trump down, but in further limiting our liberties (partly by getting rid of Trump, and partly by more organic means, like lockdowns and forced jabs of whatever the F was in those syringes).