Back on the campaign trail in 2016, President Trump once boasted that he was the ‘King of Debt.’
“I’m great with debt. Nobody knows debt better than me. “I’ve made a fortune by using debt, and if things don’t work out I re-negotiate the debt. I mean, that’s a smart thing, not a stupid thing,” he said in the widely reported 2016 comments.
Candidate Trump told Bill O’Reilly that wiping out an estimated $21 Trillion United States National debt would be ‘easy.’ Trump said that he would do so by bringing jobs back from overseas. “If you look at the country like a corporation, you have to make it into a money-making corporation,” Trump said.
But now the candidate is the President, it seems he is keen on claiming his crown, as indicated with the latest budget deals and infrastructure proposal.
Conservatives unhappy
“The Trump administration, just last year, proposed balancing the federal budget within 10 years. However, this proposal would add an additional $7 trillion to the national debt – something not even a big reckless spender like President Obama ever proposed,” said Justin Bogie, a Senior Policy Analyst at the Heritage Foundation.
Conservative columnist Cal Thomas recently criticized President Trump by quoting President James Madison, who said: “I go on the principle that a public debt is a public curse.”
Infrastructure plan adds to burden
According to Fox News, the fiscal 2019 deficit would weigh in at roughly $1 trillion, estimated to double what the projections from last year. President Trump’s latest budget proposal sees accumulating deficits of $7.2 trillion over the coming decade.
Director of the Office of Management and Budget (OMB) Mick Mulvaney defended the proposed spending in a White House briefing.
“[This is] an increase to our budget last year of $117 billion,” he said, “You can see here, $34.5 billion for infrastructure. That includes the first piece of the infrastructure bill that the President rolled out. And what we’ve said was, “Okay, if you’re going to raise the caps for 2018, let’s go ahead and spend some of that $20 billion on the administration’s infrastructure initiative.”
Projections show that US debt will increase to 27 Trillion by 2027 so it looks like President Trump will retain his self proclaimed title as the “King of Debt” even as much as President Obama tried to steal the title.
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Special Reports, US Economic News Tags:
united states debt, United States Dollar, united states economy
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