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<blockquote data-quote="Fred&#039;s Myth" data-source="post: 5115855" data-attributes="member: 55587"><p>“</p><p>First, let's get the facts straight: In just eight years, the Obama-Biden administration oversaw federal debt outstanding increase from $10.7 trillion (73.2 percent of GDP) to nearly <a href="https://www.rt.com/business/374384-obama-administration-us-debt/" target="_blank">$20 trillion</a> (105.3 percent of GDP), a pace of more than 4 percent of GDP per year in annual deficits. Their debt increase was nearly equivalent to <a href="https://fred.stlouisfed.org/series/GFDEBTN" target="_blank">all the federal debt</a> accumulated over the entire history of our country that preceded their administration.</p><p></p><p>Three years into Donald Trump's administration, just prior to the onset of the pandemic, the national debt stood at $23.2 trillion, equivalent to 106.9 percent of GDP. Because of the stronger economic growth America was then realizing, debt as a percentage of GDP was increasing at just 0.5 percent per year.” </p><p><a href="https://thehill.com/opinion/white-house/567801-biden-is-dead-wrong-about-the-trump-tax-cuts-spending-and-debt?amp" target="_blank">Biden is dead wrong about the Trump tax cuts, spending and debt</a></p></blockquote><p></p>
[QUOTE="Fred's Myth, post: 5115855, member: 55587"] “ First, let's get the facts straight: In just eight years, the Obama-Biden administration oversaw federal debt outstanding increase from $10.7 trillion (73.2 percent of GDP) to nearly [URL='https://www.rt.com/business/374384-obama-administration-us-debt/']$20 trillion[/URL] (105.3 percent of GDP), a pace of more than 4 percent of GDP per year in annual deficits. Their debt increase was nearly equivalent to [URL='https://fred.stlouisfed.org/series/GFDEBTN']all the federal debt[/URL] accumulated over the entire history of our country that preceded their administration. Three years into Donald Trump's administration, just prior to the onset of the pandemic, the national debt stood at $23.2 trillion, equivalent to 106.9 percent of GDP. Because of the stronger economic growth America was then realizing, debt as a percentage of GDP was increasing at just 0.5 percent per year.” [URL='https://thehill.com/opinion/white-house/567801-biden-is-dead-wrong-about-the-trump-tax-cuts-spending-and-debt?amp']Biden is dead wrong about the Trump tax cuts, spending and debt[/URL] [/QUOTE]
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