You are already hearing a lot of lies about the economy and the national debt from Republicans and that will only increase as we get closer to the 2022 and 2024 elections. I’d like to present some of the facts and then let you decide.
Today I want to concentrate on the national debt but first I want to very briefly review the economy at the kitchen table level. When things really hit rock bottom for a family personal bankruptcy is one of the outcomes. As of earlier this year personal bankruptcies stood at a 25 year low. The last time the unemployment rate was as low as it is today, I was still in college. (As a point of reference, I’ve been retired for years.) Inflation is a problem but it is mainly transitional as opposed to structural. The biggest culprits are repercussions of the pandemic (much more about that below) and the war in Ukraine.
Donald Trump has always been a terrible businessman. I came to that conclusion by reviewing his business exploits not by watching a TV show. I proudly can say that I never watched The Apprentice. I will admit to reading his 1987 book, The Art of the Deal. Back in the late 80s I was reading a lot of business books. Even as I read it, I felt the book was malarkey as well as a waste of my time and money. My bottom line on Trump’s lack of business talent is the question: How many people do you know of who went BK multiple times in the casino business?
Trump did a lousy job of managing his businesses and continued that pattern while managing ours as President. His major legislative “achievement” was getting the Trump Tower Tax Cut passed. It supposedly was going to really fire up the economy. In reality it did extremely little if anything to boost the economy and almost exclusively helped those who need a passport to visit their money.
Then came the pandemic which Trump totally mismanaged, in fact he did little more than add to the confusion with his lies and showboating. Three relief packages were needed to keep the economy from collapsing. I know my critics will be quick to point out that the third actually passed under Biden. The reality is that it was Trump’s mismanagement of the economy that necessitated it. To use a baseball analogy, when an inherited baserunner scores the run is charged to the pitcher who allowed him to reach base.
Now let’s look at how the Trump presidency and in particular how those four programs effected the national debt. Obama passed a national debt of $19.9 trillion to Trump. When Trump left office the national debt increased to $27.7 trillion for a percentage increase of 39.2%. Today the national debt stands at about $30 trillion – remember $1.9 trillion of that is the final relief package.
Remember this is your money. The bottom line is that you can’t afford another Trump or Trump wannabe in the Oval Office. Bad management is simply too expensive!
This article was written well ahead of scheduled publishing in order to accommodate my travel plans.
This article is the property of tellthetruthonthem.com and its content may not be used without citing the source. It may not be reproduced without the permission of Larry Marciniak.