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Projections from the 2019 budget tell us that if Donald Trump continues spending at the rate he is currently doing, he will add almost as much to our national debt ($8.28 trillion) in four years as President Obama did in eight ($8.58 trillion). This would also make Trump the second biggest contributor to U.S. debt in history.
But he would accomplish this in only four years.
Below are the highest contributors to U.S. national debt by presidential administration, in percentage terms, with a a brief overview of what drove the deficit spending.
Franklin D. Roosevelt: 1,048% increase.
Debt Drivers: Great Depression (lost revenue), New Deal & World War II.
Woodrow Wilson: 727% increase.
Debt Driver: World War I.
Ronald Reagan: 186% increase.
Debt Drivers: Tax Cuts (lost revenue) & Military Spending.
George W. Bush: 101% increase.
Debt Drivers: Tax Cuts (lost revenue) & the War on Terror.
Barack Obama: 74% increase:
Debt Drivers: Financial Crisis (lost revenue), Economic Stimulus, Tax Cuts.
Here's the primary points that should be taken away from this information. Presidents Wilson and Roosevelt fought two world wars and an economic depression (FDR), and can be given a pass on their deficit spending. Donald Trump has no major crisis to clean up, or no new major military engagement to fight. Deficit spending during his term is simply reckless tax cuts, which are adding hundreds of billions to our budget deficits.
On another level, when it comes to spending by administration, Presidents Obama and Clinton were quite the fiscal conservatives ...
As for spending under Donald Trump, the very conservative Cato Institute's Michael Tanner says that federal spending under Trump "has increased by 7.5 percent." What this means, according to Forbes' Stan Collender, is that Donald Trump "may be the most fiscally reckless president in American history."
So, yeah, reckless deficits and even more reckless spending.
If you think this is MAGA you are part of the problem.
- Mark
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