Tax cuts and pandemic relief measures enacted during the Trump administration added $8.4 trillion to the national debt over the 10-year budget window, according to a study released Wednesday by a t…

Tax cuts and pandemic relief measures enacted during the Trump administration added $8.4 trillion to the national debt over the 10-year budget window, according to a study released Wednesday by a top budget watchdog group.

Discretionary spending increases from 2018 and 2019 added $2.1 trillion, Trump’s signature Tax Cuts and Jobs Act added $1.9 trillion and the 2020 bipartisan CARES Act for pandemic relief added another $1.9 trillion, the Committee for a Responsible Federal Budget (CRFB), a Washington think tank, found in a study released earlier this month.

“Of the $8.4 trillion President Trump added to the debt, $3.6 trillion came from COVID relief laws and executive orders, $2.5 trillion from tax cut laws, and $2.3 trillion from spending increases, with the remaining executive orders having costs and savings that largely offset each other,” budget experts with the CRFB wrote in a summary of the report.

The only significant deficit reduction enacted by the Trump administration noted in the report was due to tariffs levied on a variety of imported goods, which are calculated to have brought in $445 billion over 10 years.

  • EatATaco@lemm.eeEnglish
    5·
    9 months ago

    which meant tax payers had to take the hit when Solyndra (which got money from the same scheme) bankrupted itself into the toilet, tax payers took all the risk and got shafted both when a company failed and when one succeeded.

    The loan program that gave money to solyndra had like a 2% default rate. For anyone concerned about climate and switching to green energy, it was a big success. Implying it was some big failure based on what appears to be a well calculated risk, is unfair and just pushing the propaganda spread by parties who don’t want the government to do anything to save the environment.