by Kara Machowski
While the economy was growing prior to the pandemic, in the background Trump was putting America into more bankruptcy than any other president in the history of the United States.
Many New Yorkers, investors of Atlantic City’s reconstruction and South Floridians understand this type of move, as the president erected glamorous gilded sky-rises, he often claimed bankruptcy afterwards because he had spent beyond his ability to pay the workers, for taxes, etc.. The president has claimed bankruptcy a total of six times, defaulting on loans, dodging payments, all while keeping his own money in his pockets and claimed billionaire status.
The most atrocious rise in percentages from the Trump presidency lies within its deficit. The presidential deficit is the amount that the presidency overspends on budgeted fiscal yearly federal funding set aside from taxes etc.. Since the great depression each presidency has added to the deficit, the Trump presidency is exceeding them all, even with calculating in inflation.
Our yearly deficit has lived-in the billions since the 2008 depression. During the Obama presidency the deficit was in the $400-500 billion range, while president Trump has nearly doubled it. In 2017, the FY Federal Budgeting (fiscal year runs from the beginning of October to the end of September each year) that was set by the Trump presidency was exceeded by $666 billion. In 2019 it was exceeded by $984 billion, a shocking 74% increase since the Obama presidency.
The FY projected deficit for 2020 is $1.02 trillion dollars, not including the allocated monies spent of the taxpayers dollars. This is a shocking 74% President Trump’s budget for FY 2021 is $4.829 trillion, a total of $996 billion deficit, or over budget spending. What is also important to note is that the Congressional Budget Office (CBO) projected in April that the budget deficit for 2021 would be about $2.1 trillion, assuming no additional changes to spending and revenues. The additional projected spending is in response to coronavirus.
Right now, our Social Security will be depleted by 2034, a serious concern that has yet to even be addressed. The total national debt is $24.95 trillion dollars, which greatly impacts our everyday life including to the response to the Covid-19 response and amount of lives lost. The president had to push states to accumulate their own PPE supplies and ventilators because any added spending would add to his presidential deficit. The same applies to the stimulus check that we received and any additional stimulus that the presidency refuses to broach.
While countries such as Germany, Spain, South Korea, Italy, Sweden, China, Canada, etc., have been able to not only flatten their curve as far as cases and deaths, they have had a constant decline since. America is not only the only country that is not seeing the type of promising decline as every other country, but due to the reopening of America, we will be seeing a rise again in cases that are projected to be far worse than the prior outbreak.
What is frustrating for Americans is that if our government had been able to bail out more small businesses and created more restrictions that could alleviate citizens of mortgages and rent, not allowing citizens to be kicked out of their homes during a pandemic, we could have seen the type of encouragement and comfort that other countries were given. However, our government not only can't afford that, but is refusing to address where $500 billion has gone in bailout for corporations, and the second promised stimulus check has seemed to have been completely dismissed.
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