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.

  • Viking_Hippie@lemmy.world
    5·
    10 months ago

    Taxes don’t fund spending tho

    What kinda nonsense claim is that?? Of COURSE they do!

    Taxes (…) removing money from the economy.

    More absolute nonsense. Taxes are paying your part to live in a civilized society. Public programs, which are PART of the overall economy, are an example of what taxes do.

    all federal spending is completely decoupled from taxes.

    Of the dozens of times you were dropped on your head as a child, how many would you say were intentional?

    That money doesn’t come from anywhere, it’s literally created out of thin air.

    Like 99% of all money

    And if all that new money is absorbed by productive forces, there is 0 inflation. Only if the money is absorbed by unproductive forces that inflation happens

    That’s not how money, absorption, production or inflation works

    more demand for the same amount of goods is inflation.

    That’s not it either. The majority of inflation is greedflation.

    • novibe@lemmy.mlEnglish
      3·
      10 months ago

      Bro go read a modern macroeconomics book. What are you on? You’re literally like 200 years behind the entire fucking field. Not even the most orthodox economists would agree with you.

      All I said was based on Keynesian theory and MMT. Y’know, two of the major theories, which are the most accepted around the world among economists.

      And again, I did say local taxes do fund spending. But taxes definitely, 100%, don’t fund federal spending of nations who have sovereign currencies. Sure, El Salvador can’t just print money for their budget, but the US, China, Brazil, Japan etc. all can.