Tax cuts and pandemic relief measures enacted during the Trump administration added $8.4 trillion to the national debt over the 10-year budget window, according to a study released Wednesday by a top budget watchdog group.
Discretionary spending increases from 2018 and 2019 added $2.1 trillion, Trump’s signature Tax Cuts and Jobs Act added $1.9 trillion and the 2020 bipartisan CARES Act for pandemic relief added another $1.9 trillion, the Committee for a Responsible Federal Budget (CRFB), a Washington think tank, found in a study released earlier this month.
“Of the $8.4 trillion President Trump added to the debt, $3.6 trillion came from COVID relief laws and executive orders, $2.5 trillion from tax cut laws, and $2.3 trillion from spending increases, with the remaining executive orders having costs and savings that largely offset each other,” budget experts with the CRFB wrote in a summary of the report.
The only significant deficit reduction enacted by the Trump administration noted in the report was due to tariffs levied on a variety of imported goods, which are calculated to have brought in $445 billion over 10 years.
He is still going on about tariffs and here he only made back $45B/year in deficit savings from it. What a dumb shit.
If I remember the articles being written at the time, his tariffs hurt American farmers by causing China to buy from other countries. He then used stipends to make up the difference to them so they weren’t out the money. The result is, he damaged our trade position, used taxes to cover it up, and American Farmers still love him and don’t understand they were receiving the dreaded “Guvment Handouts”.
Republican voters love handouts as long as they go ONLY to the right people.
And at the cost of counter-tarrifs paid out of consumer pockets