*An additional $10,000,000,000,000 in debt was added in Obama's 8 years, that's is sickening.
That's his legacy.
The numbers are always scary big because the US GDP is north of 18 trillion dollars. The more important metric is the Debt to GDP ratio. In an environment where we have negative real interest rates ( interest rate gov't pays for debts owed minus inflation = negative ) the debt to GDP ratio can decline over time. If the national debt grows slower than the GDP then the national debt will decline as a % of GDP
Infrastructure spending to make the economy more efficient to help boost GDP would help. So far Trumps plans involve cronyism towards friends, rather than a real program of infrastructure support.
In 2009 when Obama took office the Debt to GDP ratio was 87.1, it grew every year and in 2015, (the latest data I see) it was 104.17. As you know, growth was anemic under Obama and Debt grew faster than the GDP.
I suppose you would prefer the roaring growth under Bush. Remind me again how that party ended for you guys?
Oh.
Our debt levels are going up here pretty much in lock step with yours, and we had the opposite flavour political party in power for the last 4 years.
It hasn't mattered who is in charge, most Western governments have lost the ability to rein in spending, because they will get voted out of office for taking away benefits (a.k.a. free money).
Trump, for all his faults (and they are many), doesn't give a flying fuck about anyone. For that reason alone I reckon he will have the best chance at reining in your deficit.
Sure there will be pain, and lots of screaming and hollering by the Left. But, as I said, he doesn't give a fuck.
I don't like him. However from my vantage point he is the first politician I've seen in a very long time implement exactly what he has promised.
The media have bleated on for months about uncertainty and chaos and whatnot. It really is all crap. DT has telegraphed every single move right from the start.
Perversely, he has given absolute certainty to everyone. You are not in any doubt what he is going to do, and I am actually not surprised when he goes and does what he promised (putting aside my general disagreement with his economic policies, which is another argument).
Suggest we all go back and look at the rest of his policies. I'm happy to predict that (a) they will be implemented, and (b) there will be unusual consequences, because you won't find the outcomes to these policies in orthodox economic theory.
It's a brave new world! You can either bitch about it for the next 4 years, or you can be flexible enough to adapt to it.