Who Added More to the National Debt: Trump or Biden?
When it comes to the national debt, a significant topic of debate, the contributions of former U.S. Presidents Donald Trump and Joe Biden have been subject to scrutiny. Understanding the increased debt from their presidencies requires a detailed analysis of their economic policies and fiscal approaches.
Overview of Debt Growth Under Trump and Biden
Between Obama and Biden, the national debt increased by 25 trillion dollars. However, it's crucial to focus on their respective first terms as President to accurately compare their contributions.
Several representatives have claimed that Trump was the bigger contributor, stating that he added 8 trillion dollars to the national deficit while Biden has added about 7 trillion. However, the terminology and context around these figures are important. Labels like 'Orange Fatty' are not helpful in a factual discussion; instead, we should focus on the actual economic policies and their outcomes.
Evaluation of Economic Policies
The smart question to ask is which president provided the most benefits to the most Americans and our country, overall. Evaluating their fiscal approaches, we find that spending more on benefits for the American people can be considered more beneficial than politically-driven expenditures.
Trummy’s and Bidder’s Fiscal Approaches
According to various measures, including the total debt and total debt held by the public (which excludes the Federal Reserve and government agencies), Trump added more to the national debt both in dollars and percentage.
President Trump's fiscal policy involved massive tax cuts, particularly for the rich, funded by borrowing $1 trillion. Additionally, his administration cut budgets for healthcare, education, and the environment by $400 billion simultaneously when 15 Americans were dying daily from the ongoing pandemic.
On the other hand, former President Biden has added more to the national debt than all previous presidents combined. This significant increase underscores the importance of evaluating the long-term impacts of their fiscal policies.
Conclusion
The national debt is a complex issue that requires a nuanced understanding of the policies and decisions made by both Trump and Biden. While Trump's fiscal approach included large tax cuts for the wealthy, Biden's presidency has seen a significant increase in the national debt, which continues to be a topic of debate and concern.