The Banker
Diamond Member
- Banned
- #1
In 2016 Obama had ~ $550B annual Deficit.
Trump took over and ran that up to $1.1 Trillion/year in 2020 before covid. Doubling the annual deficit. Then Trump fucked up everything Covid on an epic scale and the US need to spend/waste Trillions of dollars just so its people can survive.
The entire situation was exacerbated by Trump's failed covid response, resulting in hundreds of thousands of needless deaths, and Trillions in wasted stimulus.
When Trump took over he immediately ramped up spending BIG TIME and passed huge tax cuts that greatly added to the deficit, BUT gave little economic benefit. This gave the economy a small pop, but Trump never achieved 3% annual growth and GDP was barely better than Obama. The Trump economy was barely better than the Obama economy and the numbers prove this.
FACTS:
George W Bush inherited a balanced budget with a projected surpluss and turned that into total doom with mega deficits. Trump inherited an ~$550B annual deficit and turned that into absolute bankruptcy. Trump ran ~$3.5 Trillion annual deficit in 2020.
Biden is spending a lot, BUT Trump completely bankrupted America beyond anything we have ever seen before (even worse than Bush).
Trump took over and ran that up to $1.1 Trillion/year in 2020 before covid. Doubling the annual deficit. Then Trump fucked up everything Covid on an epic scale and the US need to spend/waste Trillions of dollars just so its people can survive.
The entire situation was exacerbated by Trump's failed covid response, resulting in hundreds of thousands of needless deaths, and Trillions in wasted stimulus.
When Trump took over he immediately ramped up spending BIG TIME and passed huge tax cuts that greatly added to the deficit, BUT gave little economic benefit. This gave the economy a small pop, but Trump never achieved 3% annual growth and GDP was barely better than Obama. The Trump economy was barely better than the Obama economy and the numbers prove this.
FACTS:
A New Congressional Study Finds Little Economic Benefit From The 2017 Tax Cuts
A new congressional study finds that the 2017 Tax Cuts and Jobs Act had almost no impact on the US economy. And it fell far short of paying for itself, despite White House promises.
www.forbes.com
George W Bush inherited a balanced budget with a projected surpluss and turned that into total doom with mega deficits. Trump inherited an ~$550B annual deficit and turned that into absolute bankruptcy. Trump ran ~$3.5 Trillion annual deficit in 2020.
Biden is spending a lot, BUT Trump completely bankrupted America beyond anything we have ever seen before (even worse than Bush).
U.S. government spending spiked, revenue dropped in fiscal 2020 during pandemic
www.pewresearch.org
Budget Projections: Debt Will Exceed the Size of the Economy This Year | Committee for a Responsible Federal Budget
2020-04-13-The United States entered the current public health and economic crisis facing high levels of debt and trillion-dollar deficits.
www.crfb.org