The Congressional Budget Office has just estimated that the federal budget deficit in President Trump’s first year will reach $668 billion.
Compare that to last years total, President Obama’s last full fiscal year as president, and you get a $118 billion increase in debt.
Republicans like to claim they are federal budget hawks but their first year in office occupying all three branches of government has proven to be ineffective.
But, honestly speaking, it’s difficult in a government with power separated into three different branches, to allocate blame sometimes on which party is responsible for what. Yes, the last budget did encompass a few of President Obama’s last remaining months in office, but Republicans have held both chambers of Congress since 2015. And, even before that Republicans held the House since 2010. Aren’t they (or even mostly) to blame?
With that aside – let’s just focus on the presidency. No matter who sits behind that Resolute Desk in the Oval Office, that person always gets the blame. Trump and Republicans have consistently tried to blame President Obama for his spending habits, so now that Trump is in that spot, let’s compare the numbers.
If you look at the below graph, it shows that since former President Obama was elected, the national federal budget deficit has gone steadily downward. Now that Trump’s president, it’s on the rise.
Trump can claim that he hasn’t even been president for a full year yet, but the Republican Party occupying Congress can’t say that.
Also – Republicans are trying to pass major tax legislation right now (trickle-down economics) that heavily depends on the economy getting better (over 3% growth) which even the most optimistic of economists say is impossible to sustain over time.
Estimates from Committee for a Responsible Federal Budget, an independent watchdog group, show that it could add up to $5 trillion to the deficit if the GOP gets all their ideas implemented, which would make it even worse. Most of those cuts (99% of them) go to the top 1%.
Remember past Republican presidents? We do. They aren’t the fiscal hawks they claim to be. Just take a look at this chart.
You can see that the main culprits in the last couple decades have been Ronald Reagan, George H.W. Bush, and George W. Bush, all Republicans. It went down under Clinton and still remained high under Obama, but that was largely due to a huge stimulus package passed shortly before he took office. Since that time, that rate has steadily declined (as we already discussed).
The question is, will it continue to go downhill? President Trump’s first fiscal year in office doesn’t appear to show that to be the case. And, like past Republican presidents, the truth is in the pudding.
Wait, remind me which party controls all three houses? Oh, Harry Truman where are you now? Will the buck(s) ever stop? Doubt it
— Ken Weisenbach (@ken_weis2020) October 6, 2017
And will be in the Trillions after they pass Tax Cuts for the rich , next year !
— kim young (@kimyoun11732107) October 6, 2017
AND they want to cut taxes?
— Parkway North (@RoninSRM) October 6, 2017
Trump always makes the best deals lol. If he is running the country like his businesses this can be bankruptcy number 7.
— Louis Savedow (@LSavedow) October 6, 2017
I mean, if you’re going to run a deficit, at least do something worthwhile with the money. War is a net drain, jerks
— #VIVA (@techyes32) October 6, 2017
Republicans like to say they’re conservative….hmmmm…how so?
— Les Stockwell (@Stockwell2017) October 6, 2017
— Wire (@Bazinga_Paladin) October 6, 2017
Here’s a clip of Trump claiming in the past how he would shrink the federal deficit.