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National debt clock9/24/2023 ![]() The Dow reached 20,000, more than 140,000 jobs were added to the economy, and low unemployment persisted. ![]() President Trump inherited a rising economy which continued to rise through the last two and a half years. Coronavirus Lockdown & Unemploymentīut by far, one of the most significant impacts on the national debt occurred very recently during Donald Trump’s administration. US Debt by President: By Dollar and Percentage Both Bush and Obama had massive stimulus packages to fight the 2008 recession that each added hundreds of billions to the national debt. The Wars in Iraq and Afghanistan added $2.1 trillion to the debt just in George W. Two decades later, Franklin Delano Roosevelt would see the national debt rise from $22 billion to over $205 billion dollars, largely due to World War II. World War I led to the debt increasing by more than $21 billion to a total of $24 billion. Restarting the national debt to reinvigorate the economy was inevitable. Jackson’s distrust of banks led him to redistribute funds to the states, which in turn caused an economic bubble, which led to recession. In 1835, Andrew Jackson paid off the national debt through severe cost-cutting and land sell-offs. The national debt over the nation’s history has grown from a modest $83.7 million under George Washington (even in the 1700’s wars cost staggering sums) to a whopping $23.3 trillion today.īut the debt has had some significant spikes for some very important reasons, and there was a brief period of time, one year to be exact, where the debt was entirely paid off. The National Debt Under Trump How the National Debt Has Changed Under Trump Key Dates in Trump’s Trade War with China.Domestic Social Programs and the Military.How the National Debt Has Changed Under Trump.This is likely a conservative estimate given the originally unexpected $2 trillion stimulus just passed by Congress due to the COVID-19 pandemic. US Debt by President by Dollar and Percentage It is projected that the president who campaigned on eliminating the national debt will add $8 trillion to it before leaving office. The highest federal Income tax rate was reduced from 39.6% to 37% at the start of 2018.Trump cut corporate tax rates from 35% in 2017 to 21% in 2018. ![]()
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