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Originally Posted by calgarygeologist
If we remove the COVID years, for obviously anomalous reasons, the deficit has almost doubled between 2019 and 2024. Trump essentially doubled the deficit during his term and Biden kept the trend going and doubled it during his term.
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Again, Trump's tax cuts for the rich couldn't be removed because of Manchin/Sinema, so the rich have continued to pay far less in taxes than they did during the Obama years. Then Biden had to make big investments in areas that Trump neglected during his term. Plus, government budgets grew because everything became more expensive in general, and the rise in interest rates made debt servicing more expensive.
One other thing, let us not forget the oil deal that Trump made with the Saudis and the Russians in 2020 to artificially cut supply and raise the price of oil. Was a big contributor to inflation. It was a 2 year deal that Biden couldn't cancel when he took office.