The national debt accrued under Trump is thought to be so large that it will weigh down the US economy for years.
America’s national debt has risen to a concerning $7.8 billion over the course of Trump’s four years in office, making it the third biggest deficit increase of any president.
The amount amassed is said to be nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined.
Reports say that the US economy was in this state even before the pandemic hit, despite the economy formerly being described as ‘booming’ and the country seeing low unemployment levels, reported ProPublica.
While the national debt level was already bad, the pandemic has added more than $3 trillion to the country’s deficit.
In addition to the pandemic adding to the country’s money concern, the huge deficit is being blamed on the combination of Trump’s 2017 tax cut and the lack of any serious spending restraint.
Trump has long talked about getting rid of US debt and even branded himself as the ‘King of Debt’ before being voted in as president.
But, over the course of his presidency, he appears to have given false hope on the debts being paid off.
Back in 2018, Trump had tweeted, ‘Because of Tariffs we will be able to start paying down large amounts of the $21 trillion in debt that has been accumulated, much by the Obama Administration.’
Two years on, the country’s overall debt accumulated over several years has risen to $28 trillion.
The Office of Management and Budget (OMB), however, blames legislators for the staggering debt after Trump submitted his proposed 2021 budget.
In a statement issued to ProPublica, a spokesperson said:
Unfortunately, the Congress continues to reject any efforts to restrain spending. Instead, they have greatly contributed to the continued ballooning of Federal debt and deficits, putting the Nation’s fiscal future at risk.
The news broke back in October 2020 after an exposé on him came out where his years of tax avoidance and debt could be seen.
Part of the report on the 74-year-old read:
In the 1990s, Mr Trump nearly ruined himself by personally guaranteeing hundreds of millions of dollars in loans, and he has since said that he regretted doing so. But he has taken the same step again, his tax records show. He appears to be responsible for loans totaling $421m, most of which is coming due within four years.
While it hasn’t be reported what Trump spent so much of America’s money on, it’s believed his personal debt largely stems from his various different properties including his Doral Golf Resort in Florida.
On Tuesday this week following the US Capitol riots, Deutsche Bank cut ties with Trump, he reportedly owes them $300 million.