President Biden criticized the fiscal management of former President Donald Trump’s administration — saying that “nearly 25% of the entire national debt, a debt that took 200 years to accumulate, was added by just one administration alone – the last one.”
Facts First: Biden’s claim is correct. The national debt, now more than $31 trillion, increased by just under $8 trillion during Trump’s four years in office, in part because of Trump’s major tax cuts. It’s important to note, though, that some of the increase in the debt during the Trump era was because of the trillions in emergency Covid-19 pandemic relief spending that passed with bipartisan support. The national debt spiked in the first half of 2020 after increasing gradually during Trump’s first three years in office, and because of spending required by safety-net programs that were created by previous presidents. A significant amount of spending under any president is the result of decisions made by their predecessors.
Charles Blahous, a researcher at the Mercatus Center at George Mason University who authored the 2021 paper “Why We Have Federal Deficits,” wrote that the impact of recent legislation on the long-term structural fiscal imbalance is dwarfed by the creation of Medicare and Medicaid and increases to Social Security, all of which occurred between 1965 and 1972.
"Despite all the political rhetoric expended today to cast blame for skyrocketing federal deficits on either the Joseph R. Biden Jr. administration or the Donald J. Trump administration, on either congressional Democrats or congressional Republicans, the largest drivers of the structural federal fiscal imbalance were enacted roughly a half-century ago," Blahous wrote.