America’s national debt rose to almost $8 billion within Trump’s four years in office, making it the third biggest deficit increase of any president.
The amount is said to be nearly twice as much as what Americans owe on student loans, car loans, credit cards, and every other type of debt other than mortgages combined.
ProPublica reports that the US economy was in this state even before the pandemic hit despite the economy formerly being described as ‘booming’ and low unemployment levels.
While the national debt was already bad, the pandemic has added more than $3 trillion to America’s deficit.
In addition to the pandemic, the huge deficit is being blamed on the combination of Trump’s 2017 tax cut and the lack of any serious spending restraint.
Trump has long talked about getting rid of the country’s debt and even branded himself as the ‘King of Debt’ before being elected as president.
However, Trump appears to have given false hope on the debts being paid off over the course of his presidency.
“Because of Tariffs we will be able to start paying down large amounts of the $21 trillion in debt that has been accumulated, much by the Obama Administration,” Trump tweeted in 2018.
Two years later, America’s overall debt accumulated over several years has risen to $28 trillion.
The Office of Management and Budget (OMB), however, blames legislators for the huge debt after Trump submitted his proposed 2021 budget.
“Unfortunately, Congress continues to reject any efforts to restrain spending. Instead, they have greatly contributed to the continued ballooning of Federal debt and deficits, putting the Nation’s fiscal future at risk,” a spokesperson told ProPublica.
Aside from the country’s debt, Trump is reportedly in $1 billion of personal debt, too.
The news broke last October 2020 after an exposé on him came out where his years of tax avoidance and debt could be seen.
“In the 1990s, Mr Trump nearly ruined himself by personally guaranteeing hundreds of millions of dollars in loans, and he has since said that he regretted doing so. But he has taken the same step again, his tax records show,” part of the report reads.
“He appears to be responsible for loans totaling $421m, most of which is coming due within four years.”
While it is not clear what Trump spent so much of America’s money on, it’s believed his personal debt largely stems from his different properties including his Doral Golf Resort in Florida.
Just this week, Deutsche Bank cut ties with Trump on Tuesday after the US Capitol riots, which he reportedly owes $300 million.