That number will go down if we just lower tax rates. /s
Btw the corporate tax cuts are permanent. This will be a long term issue.
Get ready for those tea party protests…because they are serious this time it wasnt about a black man.
So here is the breakdown of national debt added in modern history by presidents. Remember, the buck stops at their desk. Doesn’t matter the make up of congress. Every spending bill MUST have the president signature on it. As you can see, NEITHER Republicans nor Democrats care one iota about reducing spending.
–Trump Took office jan 2017.
His first budget year started Sept 1 2017. Second started Sept 1 2018.
National debt 9/30/17 - 20.2 trillion. national debt 9/30/18 - 21.3 trillion. so 1.2 trillion in debt added.
–Obama Took office Jan 2009.
His first budget year started Sept 1 2010. Last budget under Obama’s control ended 9/30/17.
National Debt 9/30/2010 - 13.5 trillion. National Debt 9/30/17 - 20.4 trillion. Obama added 6.9 trillion to the national debt.
–George W Bush took office Jan 2001.
His first budget year started Sept 1 2002. Last budget under Bush’s control ended 9/30/2010.
National Debt 9/30/2002 - 6.2 trillion. National debt 9/30/2010 - 13.5 trillion. Bush added 6.3 trillion to the national debt.
Bill Clinton took office jan 1993.
First budget year started 9/30/1994. Last 9/30/2002
National Debt 9/30/1994 - 4.7 trillion. 9/30/2002 - 6.2 trillion. Added 1.5 trillion in debt
George H bush took office Jan 1989.
First beduget year 9/30/90. Last 9/30/1994.
National debt 9/30/90 - 3.2 trillion. 9/30/1994 4.7 trillion. added 1.5 trillion debt.
Ronnie Reagan took office jan 1981.
First budget year 9/30/82. last 9/30/90.
National debt 9/30/82 1.4 trillion. 9/30/90 3.2 trillion. added 1.8 trillion.
Jimmy Carter took office jan 1977.
First budget year 9/30/78. Last 9/30/82.
National debt 9/30/78 - 800 billion. 9/30/82 1.4 trillion. Added 600 billion in debt.
https://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt.htm
So it seems that the debt debate has evolved into outrunning a bear. Trump doesn’t have to eliminate the debt, he just has to add less debt than the other guys.
Convenient.
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At the end of the summary for each admin, you should add in the percent increase as well as inflation adjusted dollars, just so we can get the whole picture.
On a side note,
Here is how far you have to go back to see the national debt actually go down, and only for one year:
| 06/30/1949 | 252,770,359,860.33 |
|---|---|
| 06/30/1948 | 252,292,246,512.99 |
| 06/30/1947 | 258,286,383,108.67 |
so the 1948 budget year is the last time the county took in more than it spend . . . to the tune of 4 billion dollars. So every year since the 1948 budget year to the present – EVERY president as agreed to spend more money than the government has taken in.
Be my guest, fell free to try and look up all that stuff. I’m not going to spend my time doing it. Took long enough just to go through the treasury direct and do the basics of each president.
Thanks for the detailed answer. I may be slightly out but doesn’t the new president’s term start around the 20th January? I assume that if that is correct it is possible for the incoming president to make changes from that date such that the debt can be affected either positively or negatively by those changes?
If that is the case, I am not sure that it is entirely legitimate to only start from the 1st October of the incoming President’s term. I note that you haven’t quoted the current USA debt which is under 22.3 trillion.
New president’s term starts Jan 20. US Budget year runs October 1 to Sept 30. I’m not going to try and figure out how many CR’s Trump may have signed between jan and sept 30. And yes a president might sign a supplimental spending bill after being sworn in.
I used the official “here’s how much debt we have on the books at the end of each fiscal year”. The last one was the end of the fiscal year 2018. Next one will be end of fiscal year 2019.
Snow96 I did acknowledge the detail included in your post and I accept the difficulty involved in providing the information from the first day of each new president’s term.
One observation from the figures you quoted is that during the Obama presidency the figure in 8 years was 6.9 trillion. In Trump’s one year it is 1.2 trillion. So extrapolating that figure over an 8 year period, to match Obama’s 8 years, that would be 9.6 million compared to Obama’s 6.9 trillion. Or over one year Trump 1.2 trillion and Obama 0.8625 trillion.
Any minute now, massive Tea Party protests will erupt. Trust me on this, they are really concerned about the national debt.
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Except from the actual number we know that obama’s first year debet (9/30/2010 to 9/30/2011) was. The national debet increased just under 1.7 trillion dollars. Not the 900 billion you extrapolated.
Not sure what the point you are trying to make. Since I don’t own nor have access to a Tardis one can only use what seems to me to be reasonable to attempt to find a figure that would allow a comparison, albeit not one with 100% certainty) between the two.
I posted a link to the number.
We know what obama’s debt was every year. Not sure what the 900 billion was . . . but we know from the actual numbers (click the link) that his first year was 1.7 trillion in new national debt.
That’s why I provided the link. So anyone could click in and see what the actual numbers were.
I am not disputing the veracity of the figures you quoted. What I was doing was trying to provide a possible comparison between Obama’s 8 years and Trump’s 1 year. I accept that I cannot be 100% certain with my extrapolation to provide a comparison over a similar time period.
So what your saying is you took Bamma’s total debt, divided by 8 to come up with the 900 billion per year for obama right?
Then compare that to only a 1 year actual figure of Trump right?
See how that doesn’t work when you know the actual numbers per year for obama, and only 1 year is known for Trump.
Then you have the issue of saying, well trump had 1.2 trillion his first year, so if he does that every year it will be 9.6 trillion added.
Now compare that to Obama. If you just take his first year debt addition, 1.7 trillion . . . his debt increase should have been 13.6 trillion (the way you figured trumps) instead of the 6.9 trillion. So to be fair, shouldn’t you decrease what you expect from trump by the same percentage? My extrapalation that way shows Trump should end up with 4.7 trillion in additional debt. (6.9/13.6 = 51%, so then I take what you expect for Trump 13.6 x .51 = 4.9. so then 9.6 - 4.9 = 4.7)
Wouldn’t that be a better extrapoltion?
No. We know, thanks to you, what Obama’s total figure was and it was accrued over an 8 year period. We only have one year thus far for Trump. So you can either multiply that one year figure by 8 to get the same period of time for both or divide Obama’s total by 8 to get an average total for 1 year.
I am not sure how many times I need to state for your benefit that I am claiming my extrapolation is going to be 100% correct. Perhaps you may understand the concept better is if I say it is an academic exercise. I haven’t claimed it as a fact or even an alternate fact.
I trust that is sufficient for you to get the gist of my original and subsequent posts. If it isn’t you will have to wait until later Monday for a further explanation.
As I pointed out, obama’s FIRST year debt x 8 is not what his total debt was. it was off by 51 percent.
And your extrapolation is WAY off from reality. (.862/1.700 = .51 as well). So then shouldn’t you take Trumps and subtract 51% as well? Your trying to compare two different things that just can’t be compared when you know actual numbers of one, and want to estimate what the other will be.
I remember in teh Obama years pointing out how rare a declining debt was. No one cared.
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Fortunately for you I have three minutes before I intend to get some sleep. There is no need to extrapolate Obama’s total debt figure. You have provided what the actual figure is. Hopefully, you get that.
Next the debt accrued during Obama’s presidency is over 8 years. Again I hope you get that.
Then we come to Trump. You have provided a figure for one year only. The most reasonable extrapolation method is to multiply the one year to get an extrapolated figure over 8 years.
Let me point out once again I do not claim that at the end of Trump’s period as president my extrapolation will be accurate.
Not if you want to use natural logarithms, the 5th root of 12,345 and add Planck’s constant to come up with a different value, then go for it.
