In an unprovoked attack on his predecessor, presumably to distract from his own disastrous tax plan, Trump took to Twitter tonight to lambast Obama for doubling the national debt during his time as President.
Of course, given Trump’s dismal understanding of the economy, there is no mention of the fact that, had Obama not encouraged spending as he did, the United States would never have recovered from the recession he inherited upon taking office.
“Tax revenues were plummeting, because incomes were falling, while spending had to go up (for unemployment benefits, Medicaid, and so on),” Neil Buchanan, George Washington University law professor, said. “Had we tried to balance the budget during that time, it would have accelerated the downturn, and there could have been a depression.”
Further signaling Trump’s tenuous grip on exactly how the government works, Obama is not responsible for passing the federal budget; Congress is. While Democrats formed the majority of Congress at the beginning of Obama’s tenure, Republicans formed the majority in the latter half. In other words, both parties – and not the President – are responsible for all matters relating to spending and taxation.
Of course, Trump’s tweet was never meant to be viewed in any factual basis. Instead, it is simply to distract from the fact that the Republican tax plan – trumpeted by the President – will purposefully raise the deficit.
Per CNN, “The [Congressional Budget Office] estimate summary found that enacting the White House-backed Tax Cuts and Jobs Act would lead to an on-budget deficit increase of about $1.44 trillion.”
The truth about the tax plan, per the nonpartisan Congressional Budget Office (CBO), is that, aside from adding to the national deficit, it serves as a major boon to the rich, while hurting the nation’s poorest citizens.
According to The Washington Post:
By 2019, Americans earning less than $30,000 a year would be worse off under the Senate bill, CBO found. By 2021, Americans earning $40,000 or less would be net losers, and by 2027, most people earning less than $75,000 a year would be worse off. On the flip side, millionaires and those earning $100,000 to $500,000 would be big beneficiaries, according to the CBO’s calculations.
This dangerous, misleading tax plan is especially egregious coming from a party that sanctimoniously harps about the importance of fiscal responsibility. It seems that such a concept is only important until faced with the prospect of a juicy tax cut for themselves and their rich cronies.
Funny to hear the Democrats talking about the National Debt when President Obama doubled it in only 8 years!
— Donald J. Trump (@realDonaldTrump) November 30, 2017
Trump should be on his hands and knees thanking Obama for the healthy economy that he inherited, because if this tax plan passes, it may be the last time during in his tenure that the economic outlook will be positive.