World

Trump indicates he has no idea how the national debt works

Trump indicates he has no idea how the national debt works

As you know, the last eight years, they borrowed more than it did in the whole history of our country. And yet we picked up $5.2 trillion just in the stock market.

Republican Sen. Ben Sasse cleaned Sean Hannity's clock on Thursday, telling the Trump puppet and Fox News host that "some of us still believe in the Constitution".

"So, you could say in one sense we are really increasing values, and maybe in a sense we are reducing debt", Trump added, before Hannity quickly moved on to another topic.

The White House said changing the way foreign earnings are taxed - along with a one-time incentive to bring back some of the estimated $2.5 trillion USA companies have parked overseas - would result in $4,000 more for American workers over an eight-year period. "And we're very, very happy".




When pressed for clarification about the comment, a White House official told Fortune the President was simply stressing the economic gains that had been made under his Administration.

And it's absolutely the case that the national debt increased by $9 trillion during President Barack Obama's time in office, but many were scratching their heads at Trump's implication the debt was lessening because markets are increasing in value. Like families, nations accrue debt when they spend more money than they take in. If the US funds expansions of education or infrastructure that allows for better and more economic activity, then it's money not just well spent, but as Trump would say, in a sense reducing debt. No, a far more appropriate measurement would be to compare the national debt to the size of the national economy. The stock market could reverse its gains and all of those profits could disappear, and the debt would remain at around $20 trillion.

The question of whether the US has too much, too little or just enough debt is for another day.

It is "one of the oldest traditions in the Army, which dates back to the Revolutionary War", according to the U.S. Army website.


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