Stunning! Former Obama Treasury Secretary Who Added $10 Trillion to US Debt Says Trump Tax Cuts May Leave Country Broke
Guest post by Joe Hoft
According to the government schedules of federal debt, the Obama Administration nearly doubled the amount of US Debt during Obama’s 8 years in office from $10 trillion to nearly $20 trillion.
In spite of this, the Obama team has the audacity to scold the current Administration on fiscal responsibility.
The Hill reported:
Former Treasury Secretary Jack Lew expressed concerns about the new GOP tax law’s impact on the debt, arguing that it is “leaving us broke” and could lead to cuts in social safety net programs.
“I fear that the next shoe to drop is going to be an attack on the most vulnerable in our society,” Lew said in a Bloomberg interview. “How are we going to pay for the deficit caused by the tax cut? You’re going to see proposals to cut health insurance from poor people, to take basic food support away from poor people, to attack Medicare and Social Security.”
“One could not have made up a more cynical strategy,” he added.
Lew, who led the Treasury Department during former President Obama’s second term, said that the U.S. is in need of more jobs training, education and infrastructure, rather than more debt at a time when the economy doesn’t need a fiscal stimulus.
According to government schedules of federal debt, the Obama administration increased the amount of federal debt by nearly double from $10 trillion to almost $20 trillion. One government report shows the Obama debt increase an astounding $9.5 trillion.
Never before in world history had the leader of a country added so much debt to its coffers. The amount of debt Obama incurred (with nothing to show for it) was as much as all prior Presidents combined.
The above report is based on fiscal year data starting on October 1st each year. When looking at the actual daily amounts of debt on the books, President Trump actually inherited $19.95 trillion of debt from Obama. In spite of headwinds from increasing FED interest rates, President Trump increased the US debt by only $540 billion or roughly a third of what Obama incurred in his first year in office. Obama averaged roughly $1.2 trillion in new debt each year.