The US national debt stood at $21.974 trillion at the end of 2018, more than $2 trillion higher than when President Donald Trump took office, according to numbers released today by the Treasury Department. The debt really started to explode at the start of the Great Recession, which means it started under George W. Bush, continued under President Barack Obama and hasn't stopped under Trump.According to the Congressional Budget Office, total public debt stood at 78% of America's gross domestic product in fiscal year 2018, the highest percentage since 1950. The deficit -- or the difference between what the government spends and what it takes in over any one year -- jumped to 3.8% of GDP in 2018, up from 3.5% in 2017.
Asked about the rising debt this morning, Council of Economic Advisers chairman Kevin "Baghdad" Hassett said Trump is "absolutely" concerned about it.
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"We need to elect a businessman as President," they said. .... "He'll bring fiscal responsibility and a businessman's acumen to the Federal government," they said.
ReplyDeleteWhat nonsense.