In promoting his own spending priorities, President Joe Biden blamed his predecessor’s “unpaid tax cuts and other spending” for increasing the national debt by nearly $8 trillion over four years. The total debt figure is correct, but trillions of that were due to bipartisan coronavirus relief packages.
A raging virus, a struggling economy and a fast-growing mountain of debt.
What the statistics tell us about the president’s time in office.
An analysis by the Congressional Budget Office contradicts Treasury Secretary Steven Mnuchin’s claim that before COVID-19 hit, the U.S. was experiencing “extraordinary” economic growth that “would pay down the debt over time.”
Democratic presidential candidate Pete Buttigieg blamed tax cuts backed by President Trump for creating the nation’s debt problem. But while those tax cuts are worsening the nation’s debt, spiraling deficits and debt over the next decade were projected even before those tax cuts were enacted.
Statistical measures of how things have changed since the president took office.
Statistical measures of how things have changed since the president took office.
Statistical measures of how things have changed since the president took office.
Under President Trump’s proposed budget for fiscal year 2018, there would have been hundreds of billions of dollars in deficits each year from 2018 to 2027, according to the nonpartisan Congressional Budget Office. That contradicts White House Chief of Staff Mick Mulvaney’s claim that the U.S. “would actually be on a glide path to balancing the budget” under the plan.
Statistical measures of how things have changed since the president took office.