First of all, there is a vast difference between the economy that a POTUS inherits during a recession (or crisis) and that of a POTUS assuming power when the economy is sound. Bush 2 took power with a great economy and chose to cut taxes and enter a stupid costly war with all the costs that weighed on the deficit for decades. Obama inherited a mess of an economy, making deficit spending necessary and tax increases unwise.
Likewise, Biden inherited a national crisis.
Additionally, it is the easiest thing in the world and popular to cut taxes as Rs seem to do whether it is fiscally sound or not. In that respect, I blame the short sightedness of the American voter.
Your precious little tax relief will simply be eaten up by the cost shifting that will hit the states as well as the inevitable price increases of necessities.
The national debt is on course to reach a record share of the economy under the next presidential administration, due in part to policies approved by Presidents Trump and Biden during their ti
www.crfb.org
"Obama- First of all, much of the debt increase was the result of laws and economic conditions in place before Obama took office rather than laws that passed under his presidency. The Congressional Budget Office’s first current law projections of the Obama presidency already projected debt held by the public would rise from $5.8 trillion to $9.1 trillion when Obama left office – and these projections didn’t incorporate the entire depth of the Great Recession, which reduced revenue and therefore further increased debt."
- President Trump approved $8.4 trillion of new ten-year borrowing during his full term in office, or $4.8 trillion excluding the CARES Act and other COVID relief.
- President Biden, in his first three years and five months in office, approved $4.3 trillion of new ten-year borrowing, or $2.2 trillion excluding the American Rescue Plan.
- President Trump approved $8.8 trillion of gross new borrowing and $443 billion of deficit reduction during his full presidential term.
- President Biden has so far approved $6.2 trillion of gross new borrowing and $1.9 trillion of deficit reduction.