U.S National Debt increased by $2 Trillion since Trump joined White House

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New data shows that the U.S national debt has increased by up to $2 trillion dollars since Donald Trump joined the White House. The U.S Treasury Department showed the debt stood at $21.974 trillion at the end of 2018. It is more than $2 trillion higher than the time Trump took office. CNN also indicated that the debt stood represented 78% of the US’s gross domestic product in the fiscal year 2018, and considered the highest percentage since 1950. The deficit rose to 3.8% of GDP in 2018, up from 3.5% in 2017.

The national debt has been rising in the aftermath of the 2008 financial crisis. It was the time when Congress and Barack Obama approved stimulus funding in order to keep the economy afloat. When Trump first took office, has vowed to reduce it to zero in 8 years it, it began to go down. But recent analysis has indicated that it started to increase again as a result of a Republican tax cut, passed at the end of 2017.

The Congressional Budget Office also said that debt could grow to 96% of GDP or $29 trillion by 2028. The new report said, “Three decades from now, for instance, debt held by the public is projected to be about twice as high in relation to GDP as it is this year. It would be a higher ratio than the United States has ever recorded”. The report added, “Such high and rising debt would have serious consequences, both for the economy and for the federal budget. Federal spending on interest payments would increase substantially as a result of increases in interest rates, such as those projected to occur over the next few years”. Trump said during his presidential campaign that he will make the U.S debt free within the next 8 years.