President Trump released his first budget proposal yesterday. At first glance, it looks pretty ugly where the concept of fiscal responsibility is concerned.
The following chart shows the amount of the US government’s tax collections and spending that President Trump has proposed for the fiscal years of 2018 through 2023, where we’ve provided historical data going back to 2001, covering the presidential tenures of George W. Bush and Barack Obama, to provide some additional context.
With federal spending continuing at an unsustainable pace, the US government’s annual budget deficits will grow, even though the government’s tax collections are not projected to fall in any year in President Trump’s first budget proposal.
Assuming the future plays out as he proposes, President Trump’s tenure in office would appear set to add the second-most amount of debt to the nation’s total public debt outstanding of any US President, following only Barack Obama’s dubious achievement.