Trump Wasn't the Fastest President to Borrow a Trillion Dollars

Welcome to 21 trillion dollars! That is the latest benchmark of debt we have just crossed...

Trump Wasn't the Fastest President to Borrow a Trillion Dollars

Welcome to 21 trillion dollars! That is the latest benchmark of debt we have just crossed. President Trump did it in almost record speed. It took roughly 6 months. To put this into perspective, here are the last 10 benchmarks and the date we hit them. To put this in perspective, we went from 19 to 20 trillion dollars in 19 months.

21 Trillion Dollars 3-15-18

20 Trillion Dollars 9-18-17

19 Trillion Dollars 2-18-16

18 Trillion Dollars 12-05-14

17 Trillion Dollars 10-17-13

16 Trillion Dollars 8-31-12

15 Trillion Dollars 11-15-11

14 Trillion Dollars 1-04-11

13 Trillion Dollars 06-01-10

12 Trillion Dollars 11-16-09

11 Trillion Dollars 3-16-09

10 Trillion Dollars 9-30-08

If you will notice we went from 10 trillion dollars to 11 trillion dollars in 6 months or 167 days. Compared to 20 to 21 trillion dollars was 6 months or 178 days. Time wise, it was close. However the reason we went through a trillion dollars so quickly was the financial crisis. During September to October 2008, the financial system almost collapsed. Money was in desperate need. The stock market bottomed after loosing -56% in March 2009. There was a reason.

Where is the crisis President Trump? Why the need to spend a trillion dollars so quickly? He built a real estate empire with debt or other people's money. Now he is using our money. Let's just hope that we end up on boom side versus the bust side. Unfortunately, the nations credit card doesn't work quite the same as real estate investment dollars.

Comments
bartlu10
bartlu10

With Trump's "let 'er rip" policy, there's absolutely no way to forecast future debt. The unconstrained debt policy of Congress with tacit agreement throughout allows each one of us unlimited taxes dictated by our legislature.

BobBrooks
BobBrooks

Editor

@jmarkb - drinking is overrated! lol Yes, Congress will always be at the heart of almost every problem in America. Until you can take out the self serving politics out of washington and put term limits in place, this will always be a problem. Trump is about the optics. That was a war he didn't want to start.

jmarkb
jmarkb

Gotta say, I am very disillusioned with Congress, esp the GOP for giving the Dems everything they wanted. And I am really surprised Trump did not veto it. They have all let the American people down. Trump better have a master plan he hasn't revealed to us or he has just lost my support. The worst part of the bill is continued support for the Planned Parenthood abortion mill. I feel like taking up drinking!

BobBrooks
BobBrooks

Editor

@atkinsww1 - yes, his book is textbook on what to expect. I just don't think it is going to translate into government as well. Having said, I do like to see a President doing something beyond sitting on their hands.

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