Analysis Reveals How Much National Debt Trump Added During His Presidency

According to a comprehensive analysis by the Committee for a Responsible Federal Budget (CRFB), a leading budget watchdog, the fiscal policies under the Trump administration resulted in an additional $8.4 trillion to the national debt.

The CRFB’s study reveals that the $8.4 trillion increase in national debt includes $2.1 trillion from discretionary spending hikes in 2018 and 2019.

The CRFB report states, “Of the $8.4 trillion President Trump added to the debt, $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 Hill reports that the only significant effort to reduce the deficit during Trump’s administration, as noted by the CRFB, was through the implementation of tariffs on a variety of imported goods.

CNBC reports that Trump has revealed plans to significantly escalate the U.S-China trade war if re-elected, proposing tariffs of 60% or higher on Chinese imports. 

In a recent interview, Trump confirmed his intention to impose tariffs of at least 60% on Chinese goods, potentially reigniting the trade war that disrupted global markets, increased consumer costs, and strained diplomatic ties. 

Trump’s tariff strategy extends beyond China, proposing a blanket 10% tariff on all U.S. imports, CNBC notes.This comprehensive approach has faced widespread criticism for its potential to harm consumers by raising prices on a wide array of goods. 

The fiscal strategies of the Trump administration have sparked considerable debate among political figures.

NBC News reports that Haley is intensifying her efforts in the state by adding $2 million to her advertising budget. This increase brings her total ad spend to $6 million ahead of the South Carolina primary on February 24. 

In a bold move, Haley’s campaign has released a new 30-second television spot titled “More Chaos,” which directly challenges Trump, NBC News reveals.

The new advertisement from Haley’s campaign highlights Donald Trump’s proposal for a 10% tariff on imports as a significant policy flaw. 

According to Reuters, Treasury Secretary Janet Yellen has expressed concerns over Trump’s tariff plan, warning that it could lead to increased costs for a wide range of goods essential to American businesses and consumers. 

NBC News notes that Haley’s campaign ad takes aim at Trump’s comments about NATO, particularly his suggestion that he would let Russia do “whatever the hell they want” to NATO countries that fail to meet spending obligations.

On the campaign trail, Haley has not only criticised Trump’s approach to managing the deficit but she also voiced her worries about the implications of Trump’s foreign policy remarks, stating that they “put every military member in danger; he put every country in danger.”

The decision to increase the ad spend in South Carolina to $6 million demonstrates the Haley campaign’s commitment to challenging Trump’s bid for the presidency.

Florida Governor Ron DeSantis has directly addressed criticisms from Trump, particularly focusing on Trump’s fiscal policies during his presidency.

Newsweek reports that DeSantis’s critique extends specifically to the signing of omnibus spending bills that contributed to the national debt’s increase from $19.9 trillion to about $27.7 trillion.

The Hill reports that the Biden administration has also enacted significant legislation impacting the deficit, including an infrastructure bill that added $256 billion to the national debt and a bill to boost domestic semiconductor production, adding $79 billion.

Following the pandemic, the U.S. deficit soared to more than 130% of GDP, a dramatic increase from pre-pandemic levels, which were around 100% of GDP between 2012 and 2020.

With the U.S. national debt reaching approximately $34 trillion, fiscal responsibility has become a central issue for Republicans, especially after gaining control of the House in January 2023, AP News explains.

As per information from The Hill, the U.S. faced a potential default on its debt last summer due to partisan standoffs over the debt ceiling.

The Republican-controlled House has been vocal about the need for steep spending cuts to address the burgeoning national debt, CNBC reports.

The debate over fiscal policies, particularly those affecting the national debt and deficit, remains a hot topic in American politics, as per information from PBS.

Politico reports that as the U.S. grapples with the consequences of past fiscal decisions, the focus on reducing the national debt and managing the deficit continues to be a priority for policymakers.