Trump’s Plan To Eliminate Nation Debt In 8 Years Not Feasible
Republican presidential hopeful Donald Trump had claimed in April that he could eliminate the nation’s $19 million debt within eight years.
A Trump campaign economic advisor said it was not a feasible plan. According to David Malpass, it would be difficult to eliminate such a large array of debt in a short amount of time.
Malpass said the decision to back off this claim was made some time ago after the primary campaign. He said Trump was still quite serious about the country’s debt, which has quickly gone up over the past eight years. This is something that has to end, he said.
Trump is supposed to reveal a new economic plan soon. The present spending and tax proposals would add to the nation’s debt – not deduct from it. In fact, according to the Committee for a Responsible Budget, in the first decade, it would rise $11.5 trillion. And, that’s because Trump has suggested some major tax cuts.
Plan supporters say the economic growth that could result from the tax cut has not been taken into consideration. And, even if the CRFB did take into consideration for possible growth, the tax plan would lead to a tremendous tax revenue loss. Plus, his spending plans would add to the nation’s debt.
Trump suggested spending declines that could amount to roughly $650 billion over 10 years. However, it doesn’t take into consideration the latest promise he’s made about putting just as much, if not more, money than Hillary toward infrastructure spending. When it comes to Medicare and Social Security, Trump said he would not make any changes. It’s anticipated that his updated economic plan will eliminate some of his tax cuts, so they’re not near as expensive.