Trump didn’t know the difference between deficit and debt as he tried to blame Obama for the deficit caused by his tax cuts for the rich.
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That’s a sacred element of our country. They can’t use the debt ceiling to negotiate. Don’t forget President Obama during his eight years — he created, he doubled the deck. You take every president and every prior president, prior president Obama he then took and double the debt over $10 trillion with a “T,” not a “B,” president Obama put $10 trillion to double the debt. It was 10 and went to 20 and even above 20. When they start talking about using the debt ceiling as a wedge to negotiate or things that they want. They told me strongly that they’ll never use it. That’s a very sacred thing in our country. We could never play with it. I would have to assume.
Just remember also, the previous administration double the debt in our country.
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Trump’s deficit is projected to be the largest outside of the Great Recession. Trump also completely mischaracterized Obama’s record on the debt. Debt rose under Obama because of the Great Recession and Baby Boomers hitting retirement age and taking full Social Security and Medicare benefits.
In terms of debt growth on a yearly percentage basis, Forbes reported that Obama outperformed all recent Republican presidents, “President Obama’s debt actually grew at a slower annual rate than any of the Republican presidents even though there were events that negatively impacted the deficit that started before he became President. The Great Recession is probably the biggest of them as can be seen in the yearly deficit numbers. While all politicians use data to support their positions, the sound bite that the debt doubled under Obama is very misleading.”
Trump is creating record deficits because he cut taxes for the wealthy and corporations. The tax cuts for the wealthy did not pay for themselves and they are the biggest reason why the deficit and US debt have both exploded under Trump.
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