The Best Way to Measure Debt by President
The best way to measure a president's debt is to add up their budget deficits and compare that total to the debt level when they took office. A president's budget reveals their administration's priorities**. The deficit by president reveals how much deficit was in each year's budget.
Though they sound similar, a deficit and debt are two different things. A deficit is a budget shortfall, whereas debt is the running total of deficits and surpluses.
**Donald Trump: As of the end of FY 2020, the debt was $26.9 trillion. Trump added $6.7 trillion to the debt since Obama's last budget, a 33.1% increase due to the effects of the coronavirus pandemic.
The Congressional Budget Office (CBO) predicted that the pandemic would raise the FY 2020 deficit by $2.2 trillion and the FY 2021 deficit by $0.6 trillion.
In his FY 2021 budget, Trump's budget includes a $1.566 trillion deficit, representing a projected 5.8% increase over 2020.10
** like tax cuts for the rich.
Trump once vowed to wipe out the federal deficit.
Donald Trump: “We’ve got to get rid of the $19 trillion in debt.”
Bob Woodward: “How long would that take?”
Trump: “I think I could do it fairly quickly, because of the fact the numbers…”
Trump: “Well, I would say over a period of eight years. And I’ll tell you why.”
Woodward: “Would you ever be open to tax increases as part of that, to solve the problem?”
Trump: “I don’t think I’ll need to. The power is trade. Our deals are so bad.”
Woodward: “That would be $2 trillion a year.”
Trump: “No, but I’m renegotiating all of our deals, Bob. The big trade deals that we’re doing so badly on. With China, $505 billion this year in trade. We’re losing with everybody.”
Worth adding:
Barack Obama (2009-2017): Under President Obama, the national debt grew the most dollar-wise ($8.6 trillion) but was fifth in terms of percentage: 74%. Obama fought the Great Recession with an $831 billion economic stimulus package and added $858 billion through tax cuts.