Last updated on July 17th, 2023 at 07:07 pm
Donald Trump’s policy proposals would balloon the nation’s debt to its highest level ever, a new study says.
The report published by the independent Committee for a Responsible Federal Budget took into account every proposal made by Trump and Clinton and analyzed how they would collectively affect the federal budget.
Under the presumptive GOP nominee, the national debt would spike by $10 trillion in just ten years, in large part because of generous tax cuts for corporations and wealthy individuals.
Trump’s agenda would increase the ratio of debt to GDP from 75 percent – its current level – to a record-breaking 127 percent. The last time it came anywhere close to that – 110 percent – was when the United States was fighting a world war in the 1940s.
It’s no surprise that the presumptive GOP nominee likes to call himself the “king of debt.”
These aren’t just numbers on a paper, though. Increasing the debt too much, as Trump hopes to do as president, may result in higher interest rates, stifle growth and investment and cause another financial crash. One recent report from Moody’s Analytics already warned that the U.S. economy would “weaken significantly” under Trump.
Hillary Clinton’s policy agenda, on the other hand, would add just $250 billion over the next decade – a fraction of Trump’s increases – and keep debt in line with current policy.
The Committee for a Responsible Federal Budget isn’t enthusiastic about either of the two presumptive nominees, but they specifically called out Trump for proposing to “massively increase the debt.”
With the “king of debt” as their nominee, it’s going to be pretty difficult for Republicans to claim the mantle of fiscal responsibility this year.
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