The United States Treasury department has announced that the country's national debt has reached a record high of $23 trillion dollars as of November 1st, with Donald Trump's presidency adding $3 trillion to the debt. We now owe as much as the combined economies of China, Germany, and Japan, according to the Peterson Foundation.
The national debt was a major part of Donald Trump's presidental campaign. Calling himself the "king of debt," he pledged to wipe out the debt in eight years, yet he remains on track to match his predecessors.
The Treasury has tracked the daily accumulation of debt since January 1993 during the Clinton administration. From January 20, 2017, to November 1, Trump's $3.1 trillion dollars increased the debt by 16 percent. That's much lower than the $4.3 trillion President Barack Obama added to the debt from January 2009 to November 1, 2011, but far more than the $1.1 trillion Bush added in a similar period and the $794 billion Clinton did in 1,016 days as president.
When President Obama took office, he took over as the company was in the middle of a recession that required corporate bailouts. Trump, meanwhile, took over an economy that was undergoing one of the largest expansions in history.
From Business Insider:
It is generally believed that our debt will decrease when the government spends less and draws in more tax money from an employed populace. However, the Trump administration has decreased taxes on the highest earners.
From The Hill:
The deficit for 2019 came in just under $1 trillion, at $984 billion, and is only expected to grow in coming years.
While the main drivers of spending are mandatory programs such as Social Security, Medicare and anti-poverty programs, major legislation has grown the deficit considerably since Trump came to office.
The 2017 GOP tax law was estimated to cost $1.9 trillion over a decade, while bipartisan deals to boost defense and domestic spending ramped up outlays each year.