Trump, Obama, and Clinton: How They Compare on Deficits and the National Debt
Let’s look at the numbers.
Clinton got the deficit to zero.
During his presidency, Clinton managed to zero out the deficit and end his term with a $128.2 billion surplus.
Bush 43 actually started his presidency with a surplus.
Bush left office in 2009 with a federal deficit of roughly $1.41 trillion.
Obama halved the deficit. He left the presidency with a deficit of approximately $584.6 billion, which is more than halving $1.41 trillion.
Do we dare look at these numbers under Trump?
Under Trump, in February 2020, just prior to the impact of the pandemic, the national debt was $23.3 trillion.
That’s up from the national debt under Obama—$19.947 trillion.
And that’s after Trump inherited a vigorous economy from Obama with unemployment in the 4s and the stock market at an all-time high.
Under Trump, the deficit and national debt should have declined, shouldn’t they?
Trump never stops reminding us that it was the greatest economy the world has ever seen.
Obama inherited a banking collapse and the Great Recession.
And remember the national debt was zero under Clinton.
In fact there was a surplus.
As for the deficit under Trump, the U.S. Treasury reports that the federal deficit for fiscal 2019 was $984 billion.
Remember it was $584.6 billion under Obama.
No excuses. This was before the virus struck.
Let us not even think about what Trump’s deficit and national debt numbers will be after the pandemic.
They will be startling, mind numbing, unimaginable.
So this is Trump’s economic miracle?
This is the magic of trickle-down economics?
This is Republican fiscal responsibility