Politicians – particularly those running for president – often talk about responsible federal budgeting as a key part of their platform but a new study shows a stark contrast in how each candidate added to the federal deficit during their administrations.
A new study by the non-partisan Committee for a Responsible Federal Budget shows that during Donald Trump’s four years in office, the deficit increased by $8.4 trillion while so far under Joe Biden, deficit spending has amounted to $4.3 trillion.
Each figure includes spending both for Covid-related initiatives and non-Covid expenditures but even counting out federal monies borrowed to deal with the pandemic, Trump’s $4.8 trillion was more than double Biden’s $2.2 trillion.
“Trump ran up the national debt by about twice as much as Biden,” the CRFB reported in its new study which was just recently released. The group found that under Trump, “the biggest non-COVID drivers of higher public debt were his signature tax cuts enacted in 2017 (causing $1.9 trillion in additional borrowing) and bipartisan spending packages (which added $2.1 trillion).”
For Biden, “major non-COVID factors include 2022 and 2023 spending bills ($1.4 trillion), student debt relief ($620 billion) and legislation to support health care for veterans ($520 billion).”
The organization said both candidates bear a share of the responsibility, as each added trillions to that tally while in office, though Trump’s contribution was significantly higher.
“The winner of November’s election faces a gloomy fiscal outlook, with rapidly rising debt levels at a time when interest rates are already high and demographic pressure on retirement programs is rising.
“No president is fully responsible for the fiscal challenges that come along,” the organization said, “but they need to use the bully pulpit to set the stage for making some hard choices.”
WarrensReport 