Trump has repeatedly stated on the campaign trail when he ran for president that the national debt was too high.
He went as far as saying that the national debt would “destroy our country.”
But, what is he doing now that he is in office?
The Congressional Budget Office just released a report saying that the national debt was set to skyrocket, in part due to the Republican-passed tax cuts.
The CBO also said that the cuts would hurt the economy.
More specifically, the report says that tax cuts for the rich will reduce revenue by more than $1.8 trillion over the next ten years, and even more than that if the cuts are made permanent.
Large and growing federal debt over the coming decades would hurt the economy and constrain future budget policy,” the report reads. “The amount of debt that is projected under the extended baseline would reduce national saving and income in the long term; increase the government’s interest costs, putting more pressure on the rest of the budget; limit lawmakers’ ability to respond to unforeseen events; and increase the likelihood of a fiscal crisis.”
What’s ironic about all of this, is that Trump has reversed his position on cutting major entitlement programs such as Medicaid and Social Security disability benefits (which he says are large contributers to the debt) but has still not been able to reduce the deficit. He’s been doing the opposite.
Listen to Ron Klain explain how Trump and Republicans are contributing far more to the debt than President Obama ever did.
Featured image via DonkeyHotey.