The Feasibility of Trump’s Promise to Eliminate U.S. National Debt in 8 Years

Former U.S. President Donald Trump famously promised to eliminate the U.S. national debt in just eight short yearsspecifically, a figure of $19 trillion. While such a promise may sound appealing, especially to those who desire fiscal stability, the reality is more complex and less feasible. This article delves into the economic and logistical challenges of making this promise a reality and explores the political and practical implications.

Understanding the Scale of the U.S. National Debt

It's crucial to first understand the true scale of the U.S. national debt. As of the writing of this piece, the national debt has surpassed $35 trillion. This figure is regularly updated, making it a dynamic and expanding total. It is indeed a towering figure that any significant overhaul would need to address.

Notably, President Trump's efforts did not contribute significantly to debt reduction during his tenure. In fact, he is largely responsible for increasing the debt. His flagship tax cut, which he once boasted as the 'greatest tax reform in the history of ever,' failed to generate the anticipated revenue. This created a significant hole in the federal budget that is still being felt.

The Impossibility of Eliminating Debt in 8 Years

Eliminating $35 trillion in just eight years is an enormous task that poses numerous challenges. Even if we consider the $19 trillion ceiling mentioned by President Trump, the scale remains daunting.

A drastic change such as this would require substantial cuts to government spending, increased tax revenues, or both. To put this into perspective, the federal government's current budget is around $4 trillion per year. Simply spending every dollar would not cover the $19 trillion gap. Additionally, the actual figure is now much higher, so the task becomes even more ambitious.

The promise to eliminate debt completely would require a revolutionary swing in fiscal policy, and it is unclear how this could be achieved sustainably. Selling 'gold sneakers,' as mentioned, is a whimsical and impractical solution. The financial markets and international creditor countries would not cooperatively lend to the U.S. if it were to signal such a drastic change.

The Political and Economic Feasibility

Additionally, the political landscape post-Trump presents significant challenges. Assuming he would win the election again in 2028 is uncertain, given his current standing and the projected outcome of the 2024 election. If Trump were to attempt such measures, he would face strong opposition from both parties in Congress, as well as the judiciary and special interest groups.

The economic feasibility also hinges on the general health of the U.S. economy. Enormous fiscal challenges, such as the rapid elimination of debt, could precipitate economic turmoil. Rapid financial changes can create hyperinflation or deflation, causing severe economic disruptions.

Conclusion

While the idea of eliminating the U.S. debt is compelling, the practical and logistical barriers are substantial. The current national debt is around $35 trillion, and eliminating this entirely would require drastic financial measures that are both economically and politically improbable.

Instead, a more realistic approach focused on sustainable fiscal policy, long-term strategic planning, and a gradual reduction of the deficit through a combination of spending cuts and revenue increases could be more feasible.