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On August 11, President Joseph Robinette Biden spoke about his Build Back Better proposal, and he took the opportunity to allege this : “This isn’t going to be anything like my predecessor, whose unpaid tax cuts and other spending added nearly $8 trillion in his four years to the national debt. Eight trillion dollars.”
That Trump could have added $8T to the national debt made this kid’s ears prick up. Being fairly familiar with the history of federal deficits, I knew that the final deficit numbers for the first three fiscal years under Trump, 2017-2019, were each under a trillion bucks. If that’s correct, then an $8T total for four years would mean that the feds had borrowed more than $5T in Trump’s last year. Can that be right?
The Office of Management and Budget (OMB) has a webpage at WhiteHouse.gov called Historical Tables that features data going back more than […]
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