GOP creates more debt in one year than in first 200 years of U.S.

[newarkhiphop]

The statement

"President Trump's Republican Party will create more debt in one year than was generated in the first 200 years of America's existence."

MSNBC host Joe Scarborough, Sept. 11 in a column for the Washington Post
The ruling

First, there are two common measures for debt. One, called public debt, tallies up the debt held by the public, while gross federal debt is a larger figure that combines publicly held debt plus debt held by the government itself, such as in the Social Security or Medicare trust funds. Both figures are considered legitimate, and since Scarborough didn't specify which one she was referring to, we'll run the numbers for both categories of debt.

Because debt is cumulative (minus any intervening surpluses), the debt level at the end of a given time period is the cumulative debt up to that point -- you don't have to add the yearly figures for debt to get the figure Scarborough is referencing.

The first question to answer is, when do you start counting to calculate debt for "the first 200 years of America's existence"?

Probably the most obvious way to do it is to look at the cumulative debt between 1776, the date of the Declaration of Independence, and 1976, the national bicentennial year.

At the end of 1976, the public debt was $477.4 billion, and the gross federal debt was just under $629 billion.

So how does that compare to Trump's record?

The amount of public debt added in 2017 -- a year when Trump was president for all but 20 days and when the Republicans were in control of Congress -- was $497.8 billion, while the amount of gross federal debt added was $666.3 billion.

Whichever variety of debt you use, the amount of debt added under Republican control in 2017 was greater than the accumulated debt by the end of 1976, making Scarborough's statement correct. (Economists do not typically adjust debt figures for inflation; the figures cited above are nominal dollars.)

Meanwhile, projections by the nonpartisan Congressional Budget Office suggest that the size of the debt under Trump will only grow from what it was in 2017. In 2018, 2019 and 2020, the debt is projected to increase by more than $1 trillion in each year.

Will Trump, GOP create more debt in one year than in first 200 years of U.S.? :: WRAL.com

 

[Wild self]

B b bu but Trump such a good businessman

 

[Jhoon]

B b bu but Trump such a good businessman

Companies are issuing a lot of debt right now.

 

[88m3]

It'll be interesting to see how we right this issue.


I'm going to stay positive.

 

[Pressure]

You from NC OP?

 

[Wargames]

What Trump building up unsustainable debt? Who would ever think it

 

[ORDER_66]

6 bankruptcies and still claim he's a billionaire and you still think he's doing a good job with the economy... when this shyt crashes... gonna be exodus & chaos out in the streets...

 

[Geek Nasty]

Did anyone follow the "news" on Trumps wealth. This was all known BTW, but never saw teh details like that NYT article.

That fraud faked his wealth and lived off family "loans" he never paied back, until his daddy died then conned his siblings out of a bigger cut. His sister had to stop Trump from running off with even more.

THEN, even after fraudulently allowing daddy to transfer wealth to his children by laundering tricks, he still wasted all that money. Until the Russian made him an offer he couldn't refuse to launder money for them to get his paper up. But, that dummy didn't realize Putin keeps receipts on any food they got doing dirt for him. You KNOW Putin's got tape of that idiot with Russian hos back in teh 90s and probably tape of him making dirty deals.

 

[hashmander]

when it all goes to shyt and we need to go big on deficit spending, the republicans will be there to cry about thinking about the children and the destruction of america, etc. etc. they'll find their voice when it's most important.

 

[Json]

Let a person bad with his own money have control over spending money that's not his.

 

[DrexlersFade]

Let a person bad with his own money have control over spending money that's not his.

Drain the swamp


Muthafukkas thought he was gonna clean up Washington

 

[Mantis Toboggan M.D.]

Drain the swamp


Muthafukkas thought he was gonna clean up Washington

Never underestimate the ignorance and arrogance of the American people

 

[DEAD7]

The GoP embraced big spending way before Trump came into office how does this thread keep getting made like its news. [in other news, water gif]
We are spending money we don't have regardless of party now.
Only difference is one is largely discretionary while the other is..."progressive".

 

[Pressure]

The GoP embraced big spending way before Trump came into office how does this thread keep getting made like its news. [in other news, water gif]
We are spending money we don't have regardless of party now.
Only difference is one is largely discretionary while the other is..."progressive".

"In a March 31, 2016, interview with the Washington Post, Donald Trump promised to eliminate the United States' $19 trillion in debt in eight years."

:youmadcam:

 

[DEAD7]

"In a March 31, 2016, interview with the Washington Post, Donald Trump promised to eliminate the United States' $19 trillion in debt in eight years."

:youmadcam:

The art of the deal.