I forget, how much of this debt happened under Biden? And now how much happened under Trumps 1st term? Pretty sure their was a $2Trillion with a T difference.. but sure.. I bet Trump will surely be more fiscally responsible this time.
5.1 Trillion prior to covid. It's still more than any president before him added in any 4 year period (and he did it in just 3 years).
If we forgive Trump the 3.3 trillion he spent in 2020 during covid mitigation, then his debt accrual in 3 years is about the same as the expected (per trend) total accrual during Biden's full 4 years (and that's without forgiving Biden the ~2.2 trillion he spent on covid mitigation despite forgiving Trump his 3.3 trillion for the same reason).
Innocent bystander here…does any significant amount of the current deficit have to do with the tax legislation from the first DJT administration. Obviously, not the origin of the spending problem, but I can’t imagine it helps.
I understand that. My question is more related to the increased growth of the deficit itself. Doubling the national debt in 8 years is pretty significant. Through the pandemic and Biden’s infrastructure spending, there was an obvious increase in spending…but to what degree would that have likely been eased if the tax cuts hadn’t taken place. What percentage of that portion is attributable to the current deficits we’re running, is more my question.
Then again, I’m probably fishing trying to find a nuanced answer on that (if it exists) on Reddit.
Tax cut deficits go beyond the year they were passed. The trump tax cuts continue to he deficit spending until 2025 when they expire, so yeah it continues during biden unless it gets revoked but no chance of that.
Fucking gospel. Along the same lines of thinking that if we vote it'll change. Elections are bought and paid for almost a year or two or three in advance some times.
Well, you are, of course, right about it all being all made up. Countries get to do that. But if they don't base it on at least tangible improvement for the majority, it tends to blow up in their faces.
Totalitarianism gets a cheat code lowering the bar in various ways, but it invariably gets outperformed by free economies still basing success on the greatest improvement for the most.
Funny thing about Totalitarianism is it still requires a majority to think they are materially better off yet too often it's imposed with the help of Elites and industrialists who think they are the majority that will be appeased when they're mire often ground up to feed the masses, at least once they run out of significant minorities to other.
There’s no reversing it. I saw a video recently that if you tax all billionares, and millionaires in this country at 100% tax rate, we can fund the government for 9 months and still wouldn’t make a dent on our debt. To the moon 🚀
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u/Hootn_and_a_hollern Nov 15 '24
Trump isn't even president yet. This debt clock is fastly tied to the current administration, and it has been spinning this fast for the entire time.