Eliminate National Debt in 8 Years
Current Status: BrokenAs of
"We’ve got to get rid of the $19 trillion in debt.... I would say over a period of eight years.... The power is trade. Our deals are so bad."
- Donald Trump interview with Bob Woodward, April 2016
With over a year in office and both houses of Congress at his disposal, not only had the national debt not abated but it continued to shoot upwards by more than a Trillion dollars during 2017. The impact of the 2017 Republican tax plan was expected to increase the debt by a further $1.4 Trillion over a decade. Additionally, overtures towards "trade wars" over tariffs in early 2018 did not bode well for recovering on the debt.
As of June 2019, the national debt topped $22.023 Trillion, continuing an upward trend that had persisted across the entire span of Trump's first term to that point Additionally, chaotic trade policies, a trade war with China & other countries, and tepid revenue due to the Republican tax cuts of 2017 contributed to CBO predictions of an annual deficit of 4.9% per year after 2020. In plain terms, that means that the debt will continue to climb for the foreseeable future owing continued deficits.
The Corona Virus crisis of 2020 added further strain to the debt with the CBO predicting that the debt will roughly equal the size of the entire American economy by the end of the year.