From $19T to $39T: The Broken Promise on America’s Debt

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We got ourselves a debt free anniversary. Yeah, 10 years. I did an anniversary yesterday. We did liberation day anniversary, which was one year. And the the folks over at reason reason is a libertarian publication reminded me that 10 years ago today, Trump promised to eliminate the national debt. That’s right.

10 years ago, what happened? We’ll see how that worked out. The gross national debt has doubled that day from 19 trillion to over $39 trillion. Again, you got four years of Biden there, but much of that borrowing took place during Trump’s five plus years. This is just

been incredible. You want an illustration of just how far we have sunk and how bad the spiral has continued on. Again, we missed out. We missed out. You’re taking a look at this and you’re saying to yourself, how could that be $39 trillion?

Trump, I’m gonna go back to what he said. This helped him get elected. We’re not a rich country. We’re a deader nation. That’s what Trump told the Washington Post in an interview on March 31st, 2016. The full thing, I’m calling it April 1st because, know, fools, we’re fools because the joke’s on us, right? The full transcript was published two days later.

We’ve got to get rid of $19 trillion in debt. Bob Woodward, Washington Post. How long would it take to do that? Fairly quickly.

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Kind of like ending the Ukraine-Russian war very quickly. Yeah, when pressed for a more specific answer, Trump provided a shocking timeline. Well, I would say over a period of eight years. Again, the Committee for Responsible Federal Budget, CRFP, pointed out shortly after.

Achieving that goal would be virtually impossible, particularly for a candidate who has proposed large tax cuts and ruled out significant entitlement reforms. The CRFB estimated that Trump’s proposals would cause a national debt to nearly double within 10 years. Basically, what they did is they took the existing baseline for the debt, which as of early 2016 was expected to grow to about $28 trillion.

by 2026. boy. And then at the estimated cost of Trump’s various campaign promises. Very rare do you see an accurate assessment turned out. Very, very accurate. Again, again, they weren’t factoring in

the pandemic and all of the nonsensical things that we did to deal with the pandemic. you know, without a doubt that didn’t occur. We’d be in a better position than we are right now, but still not even close. Not even close. Again, Biden added $4.7 trillion. You know, Trump, $8 trillion.

First four years of office, another 1.8.

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Again, we’ve talked about this ad nauseam. Again, people think, talking about the debt forever. We’re talking about debt forever. There’s no problem with it. We had no big whoop. Yeah. Keep saying that as the value of your currency continues to drop. You’re paying. You’re paying, my friend.

You’re paying in more ways than one the value of your currency continues to drop everyday items continue to go up. Hey, nobody needs to worry about the debt. Yeah, modern monetary theory. Remember that we’re pushing out under Biden. All right, we just print more money. Okay. That’s worked out. Great. Great for the American people. Right? Watchdog on wall street.com