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Undated:Government debt (also known
as public interest, public debt, national debt and
sovereign debt)[1][2]
contrasts to the annual
government budget deficit, which is a
flow variable that equals the difference between government receipts and
spending in a single year. The
debt is a
stock variable, measured at a specific point in time, and it is the
accumulation of all prior deficits.
Government debt can be categorized as
internal debt (owed to lenders within the country) and
external debt (owed to foreign lenders). Another common division of
government debt is by duration until repayment is due. Short term debt is
generally considered to be for one year or less, and long term debt is for more
than ten years. Medium term debt falls between these two boundaries. A broader
definition of government debt may consider all government liabilities, including
future pension payments and payments for goods and services which the government
has contracted but not yet paid.
Monetarily sovereign countries (such as the
United States of America, the
United Kingdom,
Australia
and most other countries, in contrast with
eurozone
countries) that issue debt denominated in their home currency can make payments
on the interest or principal of government debt by creating money, although at
the risk of higher inflation. In this way their debt is different from that of
households, which are restricted by their income. Thus such government bonds are
at least as safe as any other bonds denominated in the same currency.
A central government with its own currency can pay for its spending by
creating
money ex novo.[3]
In this instance, a government issues securities not to raise funds, but instead
to remove excess
bank
reserves (caused by government spending that is higher than tax receipts)
and '...create a shortage of reserves in the market so that the system as a
whole must come to the [central] Bank for liquidity.'
[4]
https://en.wikipedia.org/wiki/Government_debt#By_country
March 7: Donald Trump's tax plan could land
America $10 trillion deeper in debt
Donald Trump’s plan would sharply reduce the top tax rate on individual income
from 39.6% to 25% and broadly reduce rates for individuals with lower incomes.
His plan would also lower the tax rate on corporate income from 35% to 15%, and
apply this 15% to other “business income.”
While his plan limits certain tax preferences and deductions, it does not
include any reductions in federal spending. As a result, the Trump plan
increases the federal deficit over the next decade by $10 trillion or $12
trillion, according to several estimates that do not include macroeconomic
changes in GDP, investment and employment.
https://www.brookings.edu/opinions/donald-trumps-tax-plan-could-land-america-10-trillion-deeper-in-debt/
March 23: Donald Trump Is Understating His
Debt by $500 Million
June 12:
On the presidential campaign trail, Mr. Trump, the presumptive Republican
nominee, often boasts of his success in Atlantic City, of how he outwitted the
Wall Street firms that financed his casinos and rode the value of his name to
riches. A central argument of his candidacy is that he would bring the same
business prowess to the Oval Office, doing for America what he did for his
companies.
https://www.nytimes.com/2016/06/12/nyregion/donald-trump-atlantic-city.html
October 12: Is Trump right that rising stock
market can reduce national debt?
[Trump]: "As you know the last eight years, they borrowed more than it did in
the whole history of our country. So they borrowed more than $10 trillion,
right? And yet, we picked up $5.2 trillion just in the stock market. Possibly
picked up the whole thing in terms of the first nine months, in terms of value.
So you could say, in one sense, we're really increasing values. And maybe in a
sense we're reducing debt."
December 21: Ivanka Trump: Tax cuts and
deregulation will 'ultimately eliminate the national debt'
This theory — that the [GOP tax] bill will pay for itself and even erode
existing debt through increased economic growth — is unsubstantiated. Virtually
no nonpartisan studies or experts have found that the GOP bill, which slashes
the corporate tax rate from 35% to 21%, will be deficit-neutral or decrease the
debt-to-GDP ratio.
http://www.businessinsider.com/ivanka-trump-tax-cuts-deregulation-eliminate-debt-2017-12
January 10:Chinese Caution on U.S. Debt Clouds
Financing for Trump’s Tax Cut ... China could make it harder for U.S.
Treasury Secretary Steven Mnuchin to finance budget deficits brought on by
President Donald Trump’s tax cuts.
Chinese officials reviewing the nation’s foreign-exchange holdings have
recommended slowing or halting purchases of U.S. Treasuries
February 13: Trump's budget would add
trillions to the deficit. Voters probably won't care.
President Donald Trump's budget plan
could add more than $7 trillion to the country's debt over the next decade.
Such a plan goes against supposed Republican orthodoxy of trying to eliminate
(or at least bring down) the federal budget debt and deficit. Some
Republican members of Congress have voiced their frustration with raising
deficits, which could derail Trump's budget proposal.
White House press aides are claiming President Donald Trump’s budget contains
trillions in “deficit reduction,” when it actually calls for larger deficits for
the next several years
https://www.factcheck.org/2018/02/trumps-deficit-reduction/
February 20: President Trump is considering
more tariffs that would punish China. But he needs China more than ever in the
coming years to pay for the U.S. government.
July 30: Russia just dumped 84% of its
American debt. What that means
Between March and May, Russia's holdings of US Treasury bonds plummeted by $81
billion, representing 84% of its total US debt holdings.
The sudden debt dump may have contributed to a short-term spike in Treasury
rates that spooked the market.
10-year Treasury yields topped 3% in April for the first time since 2014.
August 2: The Trump administration is headed
for a gigantic debt headache
Swelling government debt levels are shaping up to be the biggest economic
challenge for President Donald Trump, a problem that could spill into the stock
market.
September 12: ... is it really true that
"President Trump’s Republican Party will create more debt in one year than was
generated in the first 200 years of America’s existence"?
September 17:‘I support higher taxes’:
The billionaire behind the National Debt Clock has had it with Trump
U.S. government debt per household is now $127,000 (and rising)
When U.S. government debt topped a trillion dollars for the first time in the
early 1980s, the late New York real estate magnate Seymour Durst sent every
member of Congress a holiday card that said: “Happy New Year! Your share of the
federal debt is $5,000.”
When lawmakers refused to act, Durst went further, putting up the National Debt
Clock in 1989 on a building he owned just off New York City’s bustling Times
Square. Three decades later, the clock is still running, yet U.S. debt has
skyrocketed and
most in Congress ignore it.
Republicans, including President Donald Trump, campaigned on balancing the
budget, yet they have added
more than $1.5 trillion to the debt in the past year.
October 20: Trump said he would erase
America's debt in 8 years. It's now bigger than ever.
As a candidate, Donald
Trump
promised to get rid of the entire national debt “over a period of
eight years.” When this promise was made, the national debt stood at $19
trillion; it has since risen to $21.7 trillion. In the fiscal year ending
September 30, it grew by $779 billion, up 17 percent from $666 billion in fiscal
2017. This year, after the Trump tax cuts take full effect, another $1 trillion
worth of government IOUs will be issued.
https://www.weeklystandard.com/irwin-m-stelzer/national-debt-under-trump-rises-to-21-7-trillion
February 13: The national debt is no longer
a problem that can be ignored. According to the Treasury
department, the total public debt crossed the $22 trillion mark on Monday,
with some $30 billion in debt added this month alone. When President Donald
Trump took office, debt stood just over $19.9 trillion.
Trump had promised to eliminate
national debt during his presidency, a pledge he dialed back to “reducing” a
chunk. While the national debt took a temporary dip to $19.8 trillion thanks to
the debt ceiling, Trump’s decision to raise the debt ceiling in the fall of 2017
caused the debt to hit $20 trillion. Last year, he suspended it until March
2019. And the debt has been skyrocketing since.
https://finance.yahoo.com/news/national-debt-effect-americans-223401667.html
