In a column in Philippine Star the other day June 18, Alex Magno wrote,
"In his four years at the White House, Trump cut taxes for the rich. As a result, America’s debt rose by a staggering $8.4 trillion." https://www.philstar.com/opinion/2024/06/18/2363671/stagflation
I checked the numbers from the US Treasury Dept., here's what I found:
1. Total increase in US public debt in Trump 4 years was $7.80 T, not $8.4 T.
2. Big increase in debt occurred during lockdown, $4.55 T in 2020 alone. Not due to tax cut, implemented in January 2018.
3. Tax cut period pre-lockdown, Jan. 2018 to Feb. 2020, $20.49 T to $23.41 T, or increase of $2.92 T.
So Alex was spreading fake news and disinformation on 3 counts.
Big increase in US public debt was due to lockdown, not Trump tax cut. Trump's biggest mistake was listening to Fauci, WHO and other virus "experts."
See also:
Fiscal Irresponsibility 33, More about the US deficit and debt, November 18, 2023
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