Ever since the controversial President Donald Trump had taken office, he has attempted to implement changes to effectively back up his slogan of “Make America Great Again”. However, he might not have brought upon the ideal results with an additional USD 4.1 Trillion worth of nation debt since he has taken office. The national debt is projected to surpass USD 22 Trillion by March of next year.
According to the Committee for a Responsible Federal Budget, the House of Representatives and the Senate has passed three major piece of deficit-financed legislation with President Trump’s stamp of approval. This includes nation debt totaling USD 2.4 Trillion spanning from 2017 all the way until 2029. The biggest contributor to the USD 4.1 Trillion that will be added to the national debt through 2029 is the Tax Cuts and Jobs Act. According to a nonpartisan public policy group (CRFB), this signature tax cut legislation signed by Trump in 2017 single-handedly increased the debt by USD 1.8 Trillion.
Legislations that contribute to the additional nation debt on top of the Tax Cuts and Jobs Act include the Bipartisan Budget Act of 2019 (USD 1.7 Trillion), the Bipartisan Budget Act of 2018 (USD 445 Billion) as well as other legislations (USD 155 Billion). The U.S.A. GDP growth has fell 2.1% in the second quarter and the ballooning national debt will cause GDP growth to slow down even further.