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Annual deficits are creeping up to $1 trillion a year and the national debt has topped $20 trillion. On Monday, Treasury said that the United States will need to borrow $441 billion in privately-held debt this quarter, the largest sum since 2010 when the economy was emerging from the worst downturn since the Great Depression.
The Establishment Republicans, and all the Democrats have no motivation to curtail the growth of government. The larger it is, the more power they have.
Although it is approaching another trillion in debt; it still has a ways to go: U.S. National Debt Clock : Real Time. When you consider that President Obama piled up $10 trillion in debt in eight years that was about $1.25 trillion/year. So far President Trump is only at about $.6 trillion/year or about half the spending that President Obama's administration accumulated.
Personally I wish the hands of that clock were moving backwards; but we cannot have everything.
The actual dollar amount of the deficit is meaningless. Debt to GDP ratio is far more important. Running a 1 trillion dollar deficit with 4% growth is better than a 600 Billion dollar deficit with 2% growth. Every country carries debt load. Some carry large public debts like Japan, some carry large private debts like China, some have a mixture like us. The debt will never go away.
Although it is approaching another trillion in debt; it still has a ways to go: U.S. National Debt Clock : Real Time. When you consider that President Obama piled up $10 trillion in debt in eight years that was about $1.25 trillion/year. So far President Trump is only at about $.6 trillion/year or about half the spending that President Obama's administration accumulated.
Personally I wish the hands of that clock were moving backwards; but we cannot have everything.
Obama inherited a 1.2 trillion dollar deficit and 750k job losses per month from Bush.
Trump has no excuse for causing more debt, he inherited a good economy and shrinking deficits from Obama.
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