Trump turns to outlandish promises to offset $7 trillion in tax cuts
Former president Donald Trump has outlined policies that could add trillions of dollars to the rising national debt if he wins in November, and analysts are skeptical of the new claims and proposals he says would mitigate their fiscal impact.
In a speech at the Economic Club of New York on Thursday, Trump promised “trillions” of dollars in spending cuts from a new government commission that budget experts largely regard as unrealistic, while floating a new U.S. sovereign wealth fund that members of his party have traditionally opposed. Trump also insisted that a new round of tax cuts would lower the debt — a claim disputed by most mainstream economists, and undermined by the actual budgetary effects of the tax cut he signed into law during his administration.
The new or exaggerated claims come as Trump faces scrutiny over numerous tax pledges — from ending taxation on Social Security payments for seniors to extending his 2017 tax law — that would collectively cost as much as $7 trillion over the next decade. Trump had previously said these plans would be paid for in part by revenue from massive new tariffs on imports and unspecified spending cuts. But before an audience of business leaders who tend to be concerned about the more than $35 trillion federal debt burden, Trump attempted to outline with fresh detail how he would also work to reduce the nation’s red ink.
“We’re going to have so much money coming in. We’re going to work on national debt,” Trump said. “We have to get that down.”
Budget experts say Trump’s promises, although vague and difficult to precisely define, appear on balance to add trillions of dollars to the national debt.
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