The national debt is a bipartisan failure
Donald Trump was emphatic about the enormity of Obama’s record. “Barack Obama has doubled our national debt. Doubled it.”
TL;DR
- The U.S. national debt has reached $40 trillion.
- Both Obama and Trump administrations oversaw massive increases in national debt.
- Trump has borrowed more than all his White House predecessors combined, including Obama.
- The consequences of this debt could be tax rises, spending cuts, or inflation.
- Inflation is presented as a 'sneaky tax' that benefits the government at the expense of citizens' savings.
- A significant debt could lead to 'haircuts' for those owed money by the government, such as bondholders and pensioners.
- The article notes a lack of fiscal conservatism and pressure for spending increases in both the U.S. and the UK.
- The author suggests a coming 'reckoning' for the unsustainable debt levels.