330x110
 

US public debt reaches a historic high during Trump ruling

04.01.2019,11:56


January 4, Fineko/abc.az. During the ruling of President Donald Trump, US public debt increased by $2 trillion and peaked in the last 70 years.

At the end of 2018 the public debt amounted to $21.974 trillion. When Trump took office in early 2017, that figure was less than $2 trillion. The US Congressional Budget Office estimates that the national debt makes up 78% of country's GDP, the highest since 1950.

Congress predicts that by 2028 the debt will reach 96% of GDP, if the situation does not change. Most of it will rise due to the record low corporate tax rate, which reduces to 20%.

Kevin Hassett, chairman of the Council of Economic Advisers of the White House, stated that Trump is "quite concerned" with growth of public debt. The president demanded from each ministry to reduce the budget by 5%.

During the 2016 election campaign Trump promised to get rid of public debt for eight years. The amount of debt really began to decline in early 2017, but then started growing again due to changes in tax legislation.