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Biden’s latest campaign video is a Marjorie Taylor Greene speech
(www.independent.co.uk)
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this post was submitted on 19 Jul 2023
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politics
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From the figures I found, Trump increased the debt by $6.7 trillion while Biden increased it by $2.5 trillion (over three of his four years). Note that the first year of spending for any president is controlled by the last president, so 2020 spending was Trump's, but also 2016 was Obama's.
Looking at just proposed programs, Biden's student loan plan would have cost 0.4 trillion, or $400 billion. Meanwhile, Trump's 'tax repatriation holiday' (companies illegally hiding money overseas to avoid taxes, make one year where you don't get taxes for bringing the money back to USA) cost taxpayers $465 billion.
Pepperidge Farm remembers the last couple of years of the Clinton administration when we had an actual budget surplus and all the talk was of what to do with this surplus. But then the "fiscal conservatives" said "Reagan proved that deficits don't matter".
And they blamed Obama for being spendy (because even $1 to a poor person is wasteful) while GWB racked up the biggest budget in history many times.
Deficits don't matter, but a surplus is still dope AF. It shouldn't come from cutting services like we did in the 90s tho.
I do agree it's insane that the GOP went from "deficits don't matter" when they control the Presidency to "shut down the gov over the debt ceiling" when they don't tho.
Deficits only don't matter when Republicans are in the White House.
Well, when the house is under control of the same party as the white house, they normally just start with the president's budget outline and cut and add stuff. But that didn't happen with Trump, so you have to go back to 09-10 for the last time the president's budget wasn't dead on arrival.
COVID, which happened under Trumps administration, which throws any sort of comparisons out the window. Everyone, democrats and republicans alike, were crying for government handouts in the form of free payments, in order to survive. It was a (hopefully) once in a lifetime unprecedented situation that destroyed most budgets around the world.
Also neither Trump nor Biden are responsible for the budget surplus/deficit.