Opinion | Kevin Carmichael: 'Whatever the strength of the economic state of the union at present, all that debt means the economy is more vulnerable going forward.' - NBCNewsTHINK
Moreover, Obama was forced to deal with the deepest recession since the Great Depression. Trump, for his part, had a chance to take the economy to another level. Instead, he started trade wars with China, the European Union, Canada and Mexico, among others. That choked the global economy, killing demand for American exports. The cost of tariffs will also likely wipe out the, and whatever positive effect the tax cuts had was offset by his protectionist trade policy.
Whatever the strength of the economic state of the union at present, all that debt means the economy is more vulnerable going forward. On the other hand, Trump’s policies have undeniably added a tremendous amount of debt. His tax cuts haven’t yet paid for themselves and probably won’t. The Congressional Budget Officethat the federal deficit will widen to an astronomical $1 trillion in 2020, or upward of 4.6 percent of GDP. Debt is on pace to rise to about 81 percent of GDP this year and 98 percent of GDP by the end of the decade.
Whatever the strength of the economic state of the union at present, all that debt means the economy is more vulnerable going forward. Shocks like the 2008 financial crisis are difficult to see coming, which is one of the reasons governments used to strive to keep their houses in order. Today, it’s fears that the coronavirus outbreak could spread beyond China that have rocked stock markets in recent days. The solidity of Trump’s economy could be facing an imminent stress test.
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