Whether it’s Donald Trump or Hillary Clinton in November, you can guarantee the national debt will go up.
If Republican nominee Donald Trump is elected in November and his proposals are enacted then the national debt would expand by an additional $5.3 trillion over the next decade. If Democratic nominee Hillary Clinton is elected in November and her proposals are enacted then the national debt would expand by an additional $200 billion over the next decade.
These are the conclusions made in a new report by the Committee for a Responsible Federal Budget (CRFB).
The report states that Trump’s various proposals, particularly his tax proposal, would add trillions more to the federal debt. Although Trump has said that record economic growth would help cover the tax cuts, the organization is rather skeptical that he could generate any growth at all.
Over the last several months, Trump has suggested increasing military spending, placing restrictions on trade, refraining from putting forward any pension reform proposals and cutting spending in some areas.
Clinton, meanwhile, will add billions of dollars more to the near $20 trillion national debt by offering free college tuition, free child care and free universal pre-kindergarten.
What should be noted is that the candidates’ plans would be on top of the already estimated trillions of dollars that will be added to the federal debt by 2026.
“Unfortunately, both candidates’ plans to increase the debt come on top of current law projections that already estimate that debt will grow by $9 trillion over the next decade,” the CRFB report stated. “As a result, under Clinton’s plans debt would grow from nearly 77 percent of GDP today to over 86 percent by 2026; under Trump’s plans, debt would grow to 105 percent of GDP by 2026. This relies on conventional scoring methods and does not account for the impact of their plans on economic growth, which we will discuss in a future analysis.”
Like it is in every election cycle, whoever wins the American people lose.
What will it take for any presidential candidate, Republican or Democrat, to take the national debt seriously?
AS long as we are still dealing with fiat currency, and the Federal Reserve, nothing will stop the debt. That was the way it was set up, and will continue untill we are rid of both.