Comparison of Fiscal Policies: Trump vs. Biden
Analysis shows Trump administration added twice the amount to the national deficit as President Biden's, mostly due to Tax Cuts and Jobs Act and changes to Affordable Care Act. Biden's additions were mainly due to Bipartisan Infrastructure Law, student debt relief, and executive actions.
Key Points
- Trump's administration borrowed $8.4 trillion, while Biden's has borrowed $4.3 trillion.
- Trump added $4.8 trillion in non-pandemic-aid fiscal debt, compared to Biden's $2.2 trillion.
- Most of Biden's non-pandemic-related additions were due to the Bipartisan Infrastructure Law and student debt relief.
- 77% of Trump administration's debt additions were from bipartisan legislation, while 71% of Biden's were from unilateral decisions.
- U.S. debt has increased by more than $3 trillion between the first and second quarters of 2020.
- Revenue-raising measures are being considered by both parties ahead of individual tax cut expirations scheduled for the end of 2025.
Pros
- Clear breakdown of debt additions by Trump and Biden administrations.
- Insight into the significant role of bipartisan legislation and executive actions in adding to the national deficit.
Cons
- Lack of detailed analysis on the impact of the debt additions on the economy.
- Limited information on the long-term consequences of the fiscal policies.