President Trump’s Economic Policies Show He’s Still “King of Debt”
Investing.com – President Trump proudly considered himself the “king of debt” during his days as a businessman, and he has already earned that moniker as president.
The President’s economic plans will drown the nation’s balance sheet in a sea of red ink.
His tax cut plan will cost $1.5 trillion over a decade. The recent spending budget includes $300 billion in new spending over two years. And his infrastructure plan calls for $200 billion in federal money.
By 2019, the U.S. is likely to have its first $1 trillion budget deficit.
The national debt is already at $20.5 trillion and will explode in the next decade. The President’s budget plan will bring $7.2 trillion in new deficits during that time. Interest payments on existing debt alone will cost $420 billion.
The numbers are staggering and have not gone unnoticed in the financial markets. Interest rates are rising and the dollar is falling, and that’s never a good combination.