Trump vowed to eliminate the debt in 8 years. He’s on track to leave it at least 50 percent higher.

[Go Braves]

Trump vowed to eliminate the debt in 8 years. He’s on track to leave it at least 50 percent higher.

In March of 2016, then-candidate Donald Trump told The Washington Post he could eliminate the entire U.S. debt in eight years. Now that he’s president, Trump is doing the exact opposite.

Trump’s budget — his own budget — projects debt held by the public will hit $22.8 trillion by 2025, more than 50 percent higher than the year he took office. (Debt held by the public was $14.7 trillion in 2017.)

That’s the rosy forecast. Trump’s budget relies on “gimmicks” to keep the debt rising by “only” that much, experts across the political spectrum say. Trump predicts the economy will grow at a home-run pace with no recessions for the next decade, and he proposes massive cuts to education, health care and other nondefense parts of the budget that will not be enacted.

“The president makes heroic assumptions about economic growth and deep cuts to domestic discretionary spending and health care, and yet he still can’t balance the budget,” said Brian Riedl, a senior fellow at the Manhattan Institute and former chief economist for Sen. Rob Portman (R-Ohio).

 

[iluvatar5150]

Trump vowed to eliminate the debt in 8 years. He’s on track to leave it at least 50 percent higher.

I wonder how the folks who complained about Obama's "you can keep your doctor" statement will feel about this vow that wasn't based on anything but fantasies and falsehoods.

 

[HTacianas]

Trump vowed to eliminate the debt in 8 years. He’s on track to leave it at least 50 percent higher.

That will be the reason I will stop supporting him. We were talking in another thread about Trump, not promising, but at least entertaining the idea of a sale of Federal assets to retire the debt.

 

[OldWiseGuy]

He should cut back a bit on defense spending as he is proposing giving the DoD more than they requested.

 

[iluvatar5150]

That will be the reason I will stop supporting him. We were talking in another thread about Trump, not promising, but at least entertaining the idea of a sale of Federal assets to retire the debt.

I'm not necessarily opposed to selling off assets, but I doubt that plan would make much of a dent. The US federal debt is about $22 trillion, which is the value of roughly 2/3 of the housing stock in the entire country.

 

[OldWiseGuy]

I'm not necessarily opposed to selling off assets, but I doubt that plan would make much of a dent. The US federal debt is about $22 trillion, which is the value of roughly 2/3 of the housing stock in the entire country.

Not to worry, much of it is long term debt, like a mortgage, but secured by the "full faith and credit" (taxing authority) of the government.

 

[HTacianas]

I'm not necessarily opposed to selling off assets, but I doubt that plan would make much of a dent. The US federal debt is about $22 trillion, which is the value of roughly 2/3 of the housing stock in the entire country.

Most of the assets held by the Federal government are oil and gas drilling rights. The highest estimate I have ever heard them valued at is 130 trillion dollars.

But my view of government is the irresponsible brother in law who goes bankrupt over credit card debt and within a year of having it discharged he's right back where he started.

 

[grasping the after wind]

I wonder how the folks who complained about Obama's "you can keep your doctor" statement will feel about this vow that wasn't based on anything but fantasies and falsehoods.

Yet another similarity between Obama and Trump.

 

[HTacianas]

I'm not necessarily opposed to selling off assets, but I doubt that plan would make much of a dent. The US federal debt is about $22 trillion, which is the value of roughly 2/3 of the housing stock in the entire country.

Most of the assets held by the Federal government are oil and gas drilling rights. The highest estimate I have ever heard them valued at is 130 trillion dollars.

But my view of government is the irresponsible brother in law who goes bankrupt over credit card debt and within a year of having it discharged he's right back where he started.

 

[wing2000]

He should cut back a bit on defense spending as he is proposing giving the DoD more than they requested.

Agreed.

On the one hand he correctly notes our allies should do more to provide for our common security interest. On the other hand, he spends more and more on the military....

 

[Larniavc]

Trump vowed to eliminate the debt in 8 years. He’s on track to leave it at least 50 percent higher.

Who would have thought electing a man who went bankrupt multiple times would mismanage a country’s economy?

No one knew it was so complicated.

 

[Nithavela]

Well, are the 8 years over?

 

[OldWiseGuy]

Who would have thought electing a man who went bankrupt multiple times would mismanage a country’s economy?

No one knew it was so complicated.

That statement requires a closer look.

Fact-checking claims about Donald Trump's four bankruptcies

 

[whatbogsends]

Well, are the 8 years over?

"You're going the wrong way!"

 

[Nithavela]

"You're going the wrong way!"

Don't think the US has that good breaks.

 

[Larniavc]

That statement requires a closer look.

Fact-checking claims about Donald Trump's four bankruptcies

From your own link.

“Trump doesn’t deny that four of his businesses have filed for bankruptcy. ”

 

[whatbogsends]

From your own link.

“Trump doesn’t deny that four of his businesses have filed for bankruptcy. ”

His rebuttal article talks about some potential accuracies of the implications of the statement, but admits that the statement :

"You know, there are a lot of us Americans who believe that we are going to have trouble someday paying back the interest on our debt because politicians have run up mountains of debt using other people's money," Fiorina said. "That is in fact precisely the way you ran your casinos. You ran up mountains of debt, as well as losses, using other people's money, and you were forced to file for bankruptcy not once, not twice, four times."

was Mostly True.

Quite the rebuttal.

I'd go as far as to rate the statement as "True", as what may be implied by the statement isn't part of the statement.

 

[OldWiseGuy]

From your own link.

“Trump doesn’t deny that four of his businesses have filed for bankruptcy. ”

There is a big difference between personal bankruptcy and business bankruptcy (and Chapter 11 restructuring). In personal bankruptcy one's personal assets are liable to seizure and sale to satisfy debts. In corporate bankruptcies such seizures are limited to the assets of the corporation. The accusation is clear that Trump himself declared bankruptcy, which of course is false. If true he couldn't declare such bankruptcy as often as the record of corporate bankruptcies indicates. It also has to be acknowledged that Chapter 11 restructuring is not bankruptcy per se.

 

[cow451]

The greatest national debt in history! It’s huge! People all over are calling and texting the President about the hugeness of the national debt and the incredible pace since this President took over. MAGA! Winning!

 

[iluvatar5150]

There is a big difference between personal bankruptcy and business bankruptcy (and Chapter 11 restructuring). In personal bankruptcy one's personal assets are liable to seizure and sale to satisfy debts. In corporate bankruptcies such seizures are limited to the assets of the corporation. The accusation is clear that Trump himself declared bankruptcy, which of course is false. It also has to be acknowledged that Chapter 11 restructuring is not bankruptcy per se.

Yeah, no.

First of all, Chapter 11 most certainly is "bankruptcy per se". That it allows for restructuring rather than complete liquidation doesn't mean that it's not bankruptcy.

Second, while the accusation is somewhat ambiguous, it's not at all clear that it was accusing him of filing for personal bankruptcy.

Third, I fail to see how the distinction between personal and business bankruptcy is relevant in this context. One of his main selling points is his business acumen and several of his businesses have gone bankrupt.

And for the record, it was six bankruptcies, not four:
https://www.washingtonpost.com/poli...x-times/?noredirect=on&utm_term=.bd24ea2fd1ab