The Committee for a Responsible Federal Budget recently determined that Trump’s agenda, in its latest incarnation, would add more than $5 trillion to the national debt over the coming decade. (Hillary Clinton’s agenda, by contrast, would add just $200 billion ― which is not much more than a rounding error in this sort of exercise.)
Donald Trump’s economic plan could add $5 trillion to the national debt in the next 10 years and few seem to notice except the Committee for a Responsible Federal Budget (CRFB).
Imagine Hillary pressed on findings of the independent, bipartisan Committee for a Responsible Federal Budget that say her spending plan adds $200 billion to the national debt (the committee says Trump's adds much more) despite her proposed higher taxes on business and the wealthy or how she'd get such taxes through a likely GOP Congress.
According to his advisers, the theory – ridiculed by Hillary Clinton as “Trumped-up trickle down” – harks back to the 1980s, when Ronald Reagan sought to stimulate wealth creation with tax cuts. Yet new analysis by an independent Washington thinktank, the Committee for a Responsible Federal Budget, estimates that if Trump’s proposed tax cuts did not bring about the promised Reagan-style boom, they would risk adding $5.3tn to the national debt.
We expect conservative nominees to propose tax cuts and spending cuts, and those two things are usually somewhat proportional. But even the revision of Trump's plan is not really feasible, unless he wants to balloon the national debt by $5.3 trillion. To be clear, Hillary Clinton's plan would also add to the national debt — but only by $200 billion, according to ananalysis by the Committee for a Responsible Federal Budget.
Clinton’s proposals are less irresponsible. All total, her tax and spending plans are projected to increase the national debt by about $200 billion over 10 years, according to the nonpartisan Committee for a Responsible Federal Budget. In contrast, Trump’s tax cuts and other budget plans are projected to increase the debt by $5.3 trillion over 10 years, according to CRFB.
According to the latest numbers from theCommittee for a Responsible Federal Budget, Hillary Clinton would hike spending and taxes over the next decade from its already-upward trajectory and historically high levels, while Trump would reduce expected increases in spending but slash tax revenues by far more (thus resulting in yet-bigger deficits).
The Committee for a Responsible Federal Budget estimates that Trump’s proposals would add $5.3 trillion to the federal debt over the next decade, versus $200 billion for Hillary Clinton’s plans.
What’s also forgotten is that both Trump’s and Hillary Clinton’s programs accept the deficits of existing policies. That’s about $8 trillion over a decade. Clinton’s proposals would also add to these, but much less than Trump’s. The nonpartisan Committee for a Responsible Federal Budget estimates that Clinton’s policies would increase the debt by about $200 billion above existing deficits for the decade.
The plan does indicate that it will be funded by closing loopholes. The Committee for a Responsible Federal Budget, an independent, nonpartisan nonprofit organization has found that the plan could be funded this way.