Kimberly Amadeo is an expert on U. She is the President of the economic website World Money Watch. As a writer for The Balance, Kimberly provides insight on the state of the present-day economy, as well as past events that have had a lasting impact. Janet Berry-Johnson is an expert in taxes and accounting whose expertise is based in a year career as a certified public accountant.
The most popular ways to measure involve comparing the debt level from when a president enters office to the debt level when they leave. It's also good to compare the debt as a percentage of economic output, which takes into account the size of the economy at the time the administration accumulated the debt.
Neither of the techniques mentioned above is a very accurate way to measure each president's impact on the national debt because the president doesn't have much control over the national debt during their first year in office.
For example, President Donald Trump took office in January He submitted his first budget in May. It covered the fiscal year, which didn't begin until Oct. Trump operated the first part of his term under President Barack Obama's budget for fiscal year , which ended on Sept.
While the time lag may make it seem confusing, Congress intentionally sets it up this way. An advantage of the federal fiscal year is that it gives the new president time to put together their budget during their first months in office.
The best way to measure a president's debt is to add up their budget deficits and compare that total to the debt level when they took office. A president's budget reveals their administration's priorities. Though they sound similar, deficit and debt are two different things. So while economic theory would support Obama's spending to help support the economy, Trump's recent debt binge has less support among economists. Looking ahead, recent legislative changes are expected to help Trump catch up to some of his predecessors in the debt-accumulation department.
The combination of the new GOP tax law and the recent bipartisan spending deal are projected to increase the speed of debt accumulation over the rest of Trump's presidency. A lot could change over that time period — adjustments to the tax code that increase revenue or spending cuts would alter the CBO's projections. But as it stands, Trump could add roughly the same amount of debt as Obama over two terms.
But while the raw debt figures are astonishing, putting the accumulation in percentage terms provides a somewhat different picture. Based on Treasury data and CBO projections:. For you. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. President Donald Trump and his two immediate predecessors are the three presidents who have run the largest budget deficits in U. But almost every president in the past half-century has run a record budget deficit at least for a time.
During the first half of the 20th century, the largest budget deficits were seen during the two world wars, and, relative to the size of the economy, the largest budget deficits in history were seen during World War II. While the United States has run a budget deficit nearly every year since , the deficits really began to balloon during the s and s. Reagan's successor, George H. Under pressure from Republicans in Congress, President Bill Clinton agreed to consistently cut the deficit and eventually oversaw the first budget surplus in decades.
When he took office in , President George W. Bush cited the Clinton surplus as evidence that taxes were too high. When talking about presidents and budget deficits, it's important to keep some things in mind. First, while a president proposes an annual budget, Congress must approve all spending.
Another thing to know is that "discretionary" spending accounts for only about a third of the typical U. The majority is "mandatory" spending—that is, dictated by law. During the past 20 years the US has had to dig out of two major recessions in which tax cuts and financial stimulus was used to bolster the economy. At the same time the US was involved in two major military operations and a global war on terror.
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