I have been recording information about Federal Deficits using a “notes” application for over 10 years. The “notes” application is no longer working which forced me to recover the information recorded and store it using a new application. Since I went through this process, I thought it would be a good idea to publish it on Daily KOS.
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Republican Tax Cuts are primarily responsible for the rate of increase to US National Debt and the current US National Debt Ratio (Center for American Progress "Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio" Report (3/27/2023)). The trifecta of Republican tax cuts (the Bush Tax Cuts (2001 and 2003) and the Trump Tax Cut (2017)) included business and personal income tax cuts and estate tax cuts which significantly contributed to increasing the US National Debt over the past 25 years. George W. Bush tax cuts (two tax cuts (2001 and 2003)) slashed taxes disproportionately for the wealthy and profitable corporations which severely reducing federal revenues. The GW Bush tax cuts have added more than $10 trillion to the National Debt since their enactment and are responsible for 57 percent of the increase in the debt ratio since 2001 (as of 2022) and more than 90 percent of the increase in the debt ratio if the one-time costs of bills responding to COVID-19 and the Great Recession (2008-2010) are excluded. The Trump Tax cuts have added more than $1.7 trillion to the national debt (as of FY 2022) since 2017. Eventually, the trifecta of Republican tax cuts are projected to grow to more than 100 percent of the increase in the US National Debt Ratio.
Budget Deficits by Presidential Administration:
President Joe Biden:
* FY 2023: $369 billion (estimate)
* FY 2022: $24 billion (estimate)
Total (as of 5/10/2023): $393 billion
Significant contributing factors: COVID Pandemic & Tax Cuts and Jobs Act
President Donald Trump:
President Donald Trump’s signature tax bill (Tax Cuts and Jobs Act) enacted when Republicans gained control of the White House and both Houses of Congress in 2017, will have cost roughly $1.7 trillion by the end of fiscal year 2023. These tax cuts reduced personal income tax rates and permanently lowered the corporate tax rate, among other changes. Despite being paired with a further expansion of the child tax credit, the 2017 changes also largely benefited the wealthy, once again making the U.S. tax code significantly more regressive.
Trump added about $7.667 trillion to the national debt by the end of the Trump Administration 4 year term:
* FY 2021: $2.772 trillion
* FY 2020: $3.132 trillion
* FY 2019: $984 billion
* FY 2018: $779 billion
Total: $7.667 trillion
Significant contributing factors: COVID Pandemic & Tax Cuts and Jobs Act
Barack Obama Contribution to US National Debt:
Obama added about $6.528 trillion to the national debt by the end of the Obama Administration 8 year term:
* FY 2017: $665 billion
* FY 2016: $585 trillion
* FY 2015: $442 billion
* FY 2014: $485 billion
* FY 2013: $680 billion
* FY 2012: $1.077 trillion
* FY 2011: $1.30 trillion
* FY 2010: $1.294 trillion
Total: $6.528 trillion
Significant contributing factors: 2008-2012 Great Recession Recovery Stimulus & Recovery Legislation
George W. Bush Contribution to US National Debt:
President Bush added $3.548 trillion to the national debt by the end of the GW Bush Administration 8 year term:
* FY 2009: $1.413 trillion
* FY 2008: $459 billion
* FY 2007: $161 billion
* FY 2006: $248 billion
* FY 2005: $318 billion
* FY 2004: $413 billion
* FY 2003: $378 billion
* FY 2002: $158 billion
Total: $3.548 trillion
Significant contributing factors: "Dot Com" economic slow down and Afghanistan/Iraq wars
President Clinton Contribution to US National Debt: :
President Clinton reduced the National Debt by ~$63 billion by the end of the Clinton Administration 8 year term.
* FY 2001: -$128 billion
* FY 2000: -$236 billion
* FY 1999: -$126 billion
* FY 1998: -$69 billion
* FY 1997: $22 billion
* FY 1996: $107 billion
* FY 1995: $164 billion
* FY 1994: $203 billion
Total: -$63 billion
Significant contributing factors: ??
President H.W. Bush:
President H.W. Bush added ~$1.035 trillion to the national debt by the end of the HW Bush Administration 4 year term:
* FY 1993: $255 billion
* FY 1992: $290 billion
* FY 1991: $269 billion
* FY 1990: $221 billion
Total: $1.035 trillion
Significant contributing factors: 1991 Gulf War.
President Reagan:
President Reagan added ~ $1.86 trillion to the national debt by the end of the Reagan Administration 8 year term:
* FY 1989: $255 billion
* FY 1988: $252 billion
* FY 1987: $225 billion
* FY 1986: $302 billion
* FY 1985: $212 billion
* FY 1984: $185 billion
* FY 1983: $208 billion
* FY 1982: $128 billion
Total: $1.86 trillion
Significant contributing factors: Reagan tax cuts in both 1981 and 1986.
President Carter:
President Carter added $271.2 billion to the national debt by the end of the Carter Administration 4 year term:
* FY 1981: $90.1 billion
* FY 1980: $81.1 billion
* FY 1979: $41 billion
* FY 1978: $59 billion
Total: $ 271.2 billion
Significant contributing factors: 1979 & 1980 Persian Gulf Oil Embargo & Iran US Hostage Crisis.