Donald Trump likes to brag. He likes to set records. Even when he doesn’t set records he likes to brag so much that he can easily pretend that he did. This time, however, the POTUS might not be bragging on Twitter about his latest “achievement.” This achievement also shows another broken promise from the POTUS when it comes to debt.
Trump set a new record for selling off US debt. This year, the Trump administration sold off more debt to other countries than any other year. Furthermore, it isn’t like Trump just “barely” beat the old record and it can be written off as inflation or some other reason. The fact is Trump is piling up debt in a way that would make the most progressive among us embarrassed.
From The Hill:
The U.S. government hit a record this year on selling long-term debt after the Treasury Department on Thursday auctioned its latest seven-year notes, bringing it to a total of $2.25 trillion for the year in sales of notes and bonds ranging from two to 30 years.
The figures, reported by The Wall Street Journal, represented a 26 percent spike from 2017.
Since then, President Trump has signed a huge tax-cut bill into law that lowered the corporate tax rate. Congress has also approved a series of major spending bills — most recently last week, when a $1.4 trillion package was approved by the House and Senate.
The U.S. national debt now stands at more than $23 trillion.
Of course, Trump or his most fervent supporters won’t want to be reminded of what Trump said he would do if elected President when he was campaigning for the job. In a March 31, 2016, interview with the Washington Post, Donald Trump promised to eliminate the United States’ $19 trillion in debt in eight years.
Trump later “softened” that pledge, vowing to take down a big chunk of it. He cited infrastructure as the main reason he wouldn’t be able to eliminate all of our debt. On that note, Trump has failed to do anything as far as an infrastructure plan goes as well.
One would think conservatives would be furious at this fiscal betrayal. But at least in Washington, Republicans who boast of their conservative credentials and commitment to conservative principles have remained as silent as Trump has on this “record-breaker.”