Wow, who would have thought that cutting taxes and increasing spending would increase the national debt?
Not Trump, apparently.
this post was submitted on 24 Jun 2024
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Neoliberal
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My favorite clapback to "tax and spend democrats" is "don't tax still spend republicans"
Unrelated, except towards your username. You should know, there's been a massive coffee recall due to botulism...
https://lemmy.world/post/16855353
Thankfully Folgers and Maxwell House aren't on the list.
Anyways, fuck the orange man, vote blue!
Eyes coffee nervously...
It's almost like you have to get the money from somewhere, and can't just poof money out of nowhere
Nah you see Trump is such a good businessman he makes other people’s money appear out of thin air. Poof. /s
But actually though, this is a really foreign concept for Trump. He’s always managed to fail his way into getting money from someone else.
Well yeah, that's what happens when you give corporations permanent unilateral tax cuts, and you don't adjust the budget. On that note, why hasn't Biden raised the corporate tax rate back to what it was before Trump? Also, this is a pretty low bar, "ran up less debt". How about eliminating our deficit and balancing our budget?
I think we need to do that, and if I recall he did raise taxes on corporations with the Inflation Reduction Act. It also looks like it was originally going to be a more ambitious increase, but for whatever reason that didn’t happen.
However, to your point he did not raise them to where they were at 35% before the Trump tax cuts were passed in 2017.
If I had to guess, it was probably because raising taxes is generally not a popular move with the general electorate; its an easy way to lose votes and piss off some powerful people (which makes the Trump tax cuts even worse in the long run.)
How much did covid spending add to the debt?
Trump's a clown and I hope he's tossed in prison, but can we lay all of this at his feet?
This is a fair question, so I did some extra digging.
It’s important to note that Trump was president for about 9 or 10 months of the pandemic, and Biden was president until it ended. Consequently, they both spent money on Covid relief. In addition to the article posted above (which shows Trump at 3.6 trillion and Biden at 2.1 trillion for Covid spending) I found the below:
According to this NY Times article from March 2022, there was about $5 trillion in pandemic-related stimulus. But, I did not see a breakdown for which administration spent how much.
However, I did find this article from ProPublica from January 2021 which indicates that Trump spent about $3 trillion. Assuming both articles are correct, that means Biden would have spent about $2 trillion on Covid as of March 2022.
So Axios’s numbers roughly check out.