Thursday, June 20, 2024

Fiscal Irresponsibility 36, Big increase in US public debt during lockdown

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."

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." 

Meanwhile Alex is silent with the fact that Biden with 3 years and 5 months in office has expanded US public debt by $6.93 T -- no lockdown, no econ crisis. Only spend-spend-spend crisis.

See also:
Fiscal Irresponsibility 33, More about the US deficit and debt, November 18, 2023
Fiscal Irresponsibility 34, On sectoral parochialism and rising public debt, February 20, 2024

Fiscal Irresponsibility 35, The AFP and PCG lobby for trillions pesos procurement

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