Last news in Fakti

Double growth of the national debt under Trump

Under Harris it will be 3.5 trillion. USD, and under Trump - 7.5

Oct 7, 2024 13:21 231

Double growth of the national debt under Trump  - 1

The national debt of the USA can grow by 7.5 trillion. USD by 2035 if Republican Donald Trump wins the election in November, or nearly twice as much as if Vice President Kamala Harris comes to power. The calculations were made by the non-profit organization (NGO) “Committee for a Responsible Federal Budget“.

According to non-governmental organizations, if Harris wins, the growth of the US national debt, according to the baseline forecast, will be 3.5 if Harris wins, the growth of the US national debt, according to the baseline forecast, will be 3.5 for 10 years. That figure by 2035 will equal 133% of GDP if a Democrat wins the election and 142% if a Republican wins.

The non-governmental organization explains that it is about the long-term consequences of these measures, which are indicated in the program documents and which both presidential candidates announce during election campaigns. The organization's specialists believe that the measures taken during the next presidential term will continue to have an impact on the country's economy even after its end.

According to estimates by non-governmental organizations, in the worst-case scenario, the growth of the national debt of the United States in case of a Harris victory could reach 8.1 trillion. USD for 10 years, and if Trump wins - 15.15 trillion. USD. In the optimistic scenario, the debt would remain unchanged under a Democrat, but would increase by $1.45 trillion. USD at Republican. "Commission on a Responsible Federal Budget" explains that the growth of the public debt under Harris will be facilitated primarily by measures to reduce taxes and support the socially vulnerable sections of the population, the security of the borders and the development of the education system. Under Trump, the increase in debt will be driven by tax cuts, defense spending, housing reforms and strengthening the health care system.

On July 29, the US Treasury Department announced that the nation's national debt exceeded $35 trillion for the first time in history. The Congressional Budget Office projects that the national debt will exceed $50 trillion. USD in 2034 (122% of GDP). According to management forecasts, average annual GDP growth in 2029-2034 will be 1.8%.