The CRFB report analyzed how former president Trump added $8.4 trillion during Trump’s one term, which was recently mentioned by Nikki Haley, the only GOP challenger left on his path to the nomination.
Haley Spoke About It During the First GOP Debate
Haley stated during the first Republican debate, “You have Ron DeSantis, you have Tim Scott, you have Mike Pence, they all voted to raise the debt, and Donald Trump added $8 trillion to our debt, and our kids are never going to forgive us for this.”
Inside the Report
The watchdog group CRFB (the Committee for a Responsible Federal Budget) found in a January 2024 analysis that noted, “some of the additional debt accrued was also the direct result of the COVID-19 pandemic and recession.” The report also found that the government had “unusually large $1.6 trillion in cash when President Trump left office.”
$8.4 Trillion to the Debt Over Ten Years
Washington’s watchdog group explained that almost all “$8.4 trillion in ten-year debt approved by Trump came in the form of legislation.” The debt was divided into sections, “$3.6 trillion came from COVID relief laws and executive orders, $2.5 trillion from tax cut laws, and $2.3 trillion from spending increases.”
The Only Deficit
Trump’s only deficit was due to tariffs levied on various imported goods, which would accumulate $445 billion over ten years. But Haley is not the Republican who criticized Trump’s accumulation of national debt.
DeSantis Also Spoke About the Issue
The Florida Governor, who recently withdrew from the presidential race, said in September 2023, “Donald Trump added almost $8 trillion to the debt in four years. He ran saying he was going to eliminate the national debt.” DeSantis added, “He did make that promise, and they did the opposite.”
Blaming Both Parties
The Florida Governor also discussed the debt during the Concerned Women for America Summit in Washington, D.C., saying, “Let’s just be clear – we didn’t get $32 trillion in debt just because of one party. It’s been Republicans and Democrats in D.C. who have bankrupted this country.”
Haley Actually Defended President Biden
Haley stated, “The truth is that Biden didn’t do this to us,” adding, “Our Republicans did this to us too. When they passed that $2.2 trillion COVID stimulus bill, they left us with 90 million people on Medicaid and 42 million people on food stamps. No one has told you how to fix it.”
Threats of Shutdown Split the Congress
After the bipartisan effort to avoid a government shutdown, Kevin McCarthy was ousted from his opposition as House Speaker after only nine months. Florida lawmaker Matt Gaetz, a Republican, filed the motion to vacate the chair.
The Biden Administration’s Portion
President Biden’s administration added an infrastructure bill worth $256 billion and a domestic semiconductor production bill that added another $79 billion, among other legislations.
Effects of the Pandemic
According to the Hill, following the pandemic, the U.S. deficit rose to more than 130 percent of gross domestic product (GDP) but has since fallen to 120 percent. Between 2012 and 2020, it was around 100 percent of GDP.
The Debt is $34 Trillion
The national debt hit a record high of $34 trillion. The University of Pennsylvania’s Penn Wharton Budget Model calculated in last year’s research that the U.S. debt held by the public cannot exceed approximately 200% of the GDP. Despite the number, most economists are not worried, though they believe it is time to reflect on the spending.
Concerns of Ordinary People
Speaking to USA Today, economist David Andolfatto said, “If the government starts pumping out a lot of debt, interest rates are going to rise, and then your mortgage rate is going to rise as well.” Additionally, the rise in debt could come with cuts to programs like Social Security or Medicare.
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