Trump Cuts US Debt By $12bn In First Month, Media Remains Silent
US president accuses media of not reporting figures
President Donald Trump has managed to decrease the total US public debt by $12 billion in his first month in office despite the media remaining silent on his achievement.
President Trump Tweeted that the media had not reported the huge reduction of the national debt.
He said: “The media has not reported that the National Debt in my first month went down by $12 billion vs a $200 billion increase in Obama first month".
The media has not reported that the National Debt in my first month went down by $12 billion vs a $200 billion increase in Obama first mo.— Donald J. Trump (@realDonaldTrump) February 25, 2017
Great optimism for future of U.S. business, AND JOBS, with the DOW having an 11th straight record close. Big tax & regulation cuts coming!— Donald J. Trump (@realDonaldTrump) February 25, 2017
RT.com reports: He then added that he has “great optimism for future of the US business and jobs” and promised “big tax and regulation cuts.”
The figures presented by Trump coincide with the data issued by the US Treasury Department, according to which, on January 20th, the day of Trump’s inauguration, the overall US debt stood at $19,947 billion. On February 21st, a month later, the total US debt load amounted to $19,935 billion.
Moreover, between February 22 and February 23, the US debt fell by further $ 22 billion from $ 19,935 billion to $ 19,913 billion.
The US public debt really grew by more than US$ 200 billion from US$ 10,626 billion to US$ 10,838 billion in Obama’s first month in office, according to the US Treasury data.
According to the website USdebtclock.org, which tracks how much the US debt grows in real time, the debt had grown by $ 9 trillion or by 86 percent from $ 10.7 trillion to $ 19.6 trillion during Obama’s two terms in office, hitting a record high.
U.S. President Barack Obama holds his final news conference at the White House in Washington, U.S., January 18, 2017. © Kevin LamarqueUS debt soars 86% under Obama presidency to nearly $20 trillion
The largest budget item is Medicare/Medicaid which has seen over $1.1 trillion added to US debt. Social Security accounted for $900 billion, while $585 billion was spent on defense and war.
However, the New York Times reported in 2009 that Obama banned four accounting gimmicks that President George W. Bush used to make deficit projections look smaller. This decision led to a situation, in which the spending seemed to grow to a larger degree previously.
Trump’s statements come just a day after the Council on Foreign Relations predicted that “Trump’s policies would be likely to significantly widen the budget deficit.”
In November 2016, after the US elections, the Tax Policy Center (TPC) also said that the federal debt would rise by $7.2 trillion n ten years and by $20.9 trillion by 2036.
Trump vowed to reduce the US debt and to eliminate deficit spending during his presidential campaign. On Wednesday, he once again addressed this issue and pledged to make Washington stop wasting taxpayers’ money.
“The finances of our country are a mess, but we’re going to clean them up,” the president said, adding that “we won’t let your money be wasted anymore."
“We must do a lot more with less,” he said.