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Trump Is Making History as American Debt Reaches $21 Trillion!

Economic Threat

The US president keeps setting different records in the American history, but many people are uncomfortable about most of them. In a recent development, the nation woke up to the news of a shocking debt amount of $21 trillion, making it the highest debt in history.

Sometimes last year, one of the promises of the US president, Donald Trump, was to clear all traces of the country’s debt within the duration of 8 years. In contrast, the first US citizen has so far only succeeded in plunging America into historical jeopardy, as a report emanating from the country’s Treasury says that the debt volume has gone beyond $21 trillion in this outgoing week, something that has never happened before.

Both Republican and Democrat Lawmakers are blaming each other for the current state of affairs

This huge but shocking development occurs not long after a termination on restriction on debt at the federal level was approved by the Congress and subsequently signed by the president in February, and that paved the way for government’s incessant borrowing of unrestrained volume of loans which is designed to be extended to the 1st day of March, 2019.

The data released by the US’ Treasury department indicated that as at the time of Trump’s inauguration on the 20th January 2017, the country’s debt stayed at $19.8 trillion. From then on, the Congress, headed by GOP, has adopted a tax reduction bill of $1.6 trillion and a contract of expenditure for two years that when put together, should hopefully push the dues and the debt to ascend the more.

The board in charge of the federal budgetary spending, Responsible Federal Budget, each year, calculates a deficiency which reaches around $2.1 trillion a year within the coming decade, and this has the potentials of pushing the country’s debt more to the top. Questions are being asked if the conservative nature of the American fiscal system still exists.

Former US president, Barack Obama (R), and current president, Donald Trump.

Paul calls Republicans ‘Hypocrites’

During the presidential tenure of the former president, Barack Obama, the Republicans strongly attacked the level which the nation’s debt reached because back then, the size went up to a staggering $19.8 trillion from a numbing $10.7 trillion. However, only a small portion of other groups have openly condemned the issue as it concerns the White House and Capitol Hill’s governance being dominated by the Republicans.

Obviously furious at what he believed to be hypocrisy on the part of the Republicans, the legislator representing Kentucky, Senator Rand Paul, waved the expenditure bill summary for the month of February in the presence of the assembly, blasting the party for their hypocritical actions and directly accusing them of taking the same unwise step for which they once opposed Obama-led government when he did it.

While addressing his fellow congressmen at the assembly, Rand confessed that he contested because he didn’t support the fiscal deficiencies that ran into trillions of dollars. Unfortunately, he said, the House now has Republicans working together with the Democrats to give America far worse deficits running into trillions of dollars.

When it went overboard at the value of $20 trillion last year in September, something that had never happened before in the history of the American government, another lawmaker representing Tennessee, Senator Bob Corker, expressed his concerns on the debt, describing it as the worst danger to the country.

Statistics showed that from 1960 to 2016, the United States GDP stayed at an average of $6774 billion (approx.), and in the 4th quarter of 2017, GDP was $4,929,124 million

In reality, Trump is not alien to the issue of this debt and deficit menace that keeps expanding in the country regularly, but whenever the question is raised, the president would act indifferent and unperturbed. Most times, he would just say that he’s ready to remove the coverings or headings on the debt completely.

Economic growth and national development have been the focal points in Trump’s administration, but it seems that his policies are usually misrepresented by uncomfortable laws. This week alone, the tariffs on steel and aluminum markets were increased, making companies retrench their workers, whose next sources of livelihood remain uncertain.

Different decisions have been made that displeased Americans, and to aggravate the impatient spirit of the people, many are wondering if Trump’s administration is mismanaging the country’s funds. All the bad signs which are contributory factors to the country’s historical debt make the curiosity even deeper.

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