Which US president is responsible for the biggest increase of US national debt?
Unquestionably, and without a doubt, George W Bush, aka Bush 43.Cutting taxes was his first priority, and, because he inherited a budget surplus from Bill Clinton, his story was “we’re rewarding ourselves for a good job. Then the stock market crash in 2000/2001 and he changed the narrative to “We’re trying to spur the economy. The tax cuts had no positive effect on the economy, and the fear was that they were going to result in a yearly deficit of $0.5 Trillion.Then, as a response to 9/11, he muffed the opportunity to trade food to Afghanistan in exchange for Bin Laden, a deal Colin Powell was working on, and instead pursued the invasion of Afghanistan and Iraq, two of the most costly wars in American history.Speaking of history, studies have shown that the cost of a war continues to escalate even when the war is over, the actual yearly cost steadily increasing for 40-years as veteran care, educational benefits, you name it, continue to grow until the veterans begin to die off.The current budgetary debt is a direct consequence of the actions of one of the worst US Presidents ever, Bush 43.Even Trump (a man I do not admire) attributes at least $7 Trillion of the US debt (nearly half of the non-intragovernmental debt of some $15 Trillion) on the two wars, and Steve Bannon (another individual I do not personally like) attributes the entirety of the non-intragovernmental (over $5 Trillion) debt of some $16-$17 Trillion on the two wars. They have a point that’s hard to refute. And it’s all on Bush 43. Even his father, by way of some degree of apology for his son’s actions, has publicly stated that “he had bad advisors.” I’ll say. And I’ll add that he wasn’t the brightest bulb in the pack either, all on his own.
Is it true that the President of the United States has no effect on the national debt? How so?
The President has no direct effect on the national debt because all decisions about federal money—taxing, spending, borrowing, and cutting—are made by Congress. The President and executive branch merely carry out their instructions.In practice, of course, the President has a lot of influence over Congress’s decisions, and he can always make very expensive mistakes—like believing false claims about weapons of mass destruction in Iraq—which ultimately cause money to be spent to try to fix them. But the President has no authority of his own to raise more or less money, or increase or decrease expenditures. (The President once had the power to decide not to spend money on a project that he considered unnecessary, but Congress blunted even that limited weapon during the Nixon administration.)That's why we say Congress has the “power of the purse”—because all of the President’s fancy toys are paid for by the allowance they give him.
Can I raise my own debt ceiling?
If you are trying to compare yourself with the United States government, please remember, you do not have TRILLIONS of assets sitting around. The US government has, in its possession (as a sample):Millions of acres of land in Alaska, Nevada and other western states.Mineral rights over the entire United States land plus undersea extending till the edge of the continental shelfThousands of miles of interstate highwaysFort Knox full of goldInvaluable archives that various countries would pay dearly forSatellite launch capabilities (no, I am not talking about the shuttle)And most importantly, nuclear weapons that can destroy all human life on earth in about an hour.If you have such impressive assets, I am quite sure your lenders would have NO problem increasing a credit line.The debt ceiling is NOT imposed by creditors of USA, they are imposed by Congress to make sure that the President does not go crazy and borrows more money than is reasonable.
Why can't the United States pay off its debt?
Sorry if this is a stupid question, but can't we just print enough money to pay off whatever we owe? And who are we in debt with? If you need any more information, tell me and I'll gladly try to better your understanding of my question.
Can a president actually be responsible for national debt?
Not in the USA.Any and all increases in the U.S. Public Debt always have the same reason without regard to who is in office as the Presidents of the United States of America: the U.S. Congress wrote the U.S. Federal Budget such that the Federal Government of the United States spent more money than it collected in tax revenues, i.e., there is a U.S. Federal Budget Deficit, and the U.S. Department of Treasury must borrow money to cover the deficit.Treasury borrows money by selling Treasury Bonds and Notes at auction to all comers (anyone with U.S. Dollar cash to lend). This activity adds to the total U.S. Public (national) Debt. Treasury is directed to do this all the way up to the statutory Debt Ceiling which is also set by the Congress.The President is not a King. He must (per the U.S. Constitution) obey the law just like everyone else, and that includes federal budget law that directs how money is spent by the federal government. Congress writes the law, and all spending bills (also per the Constitution) originate in the U.S. House of Representatives.The President has one opportunity to formally object to the budget: when the bills that comprise it are presented to him for approval & signature (after which point they become law). He can refuse to sign the bills (Veto). If he does so, the Congress can override his objection (veto) by a 2/3rds majority vote in both Houses. If that happens, all the President can do is salute and do as ordered. If he fails to do so, that’s an Impeachable offense - the Congress can impeach him, try him, and remove him from office.The power, authority, and responsibility for the U.S. Federal Budget lies with the Congress - the Constitution is very clear on that point.
How will the Trump administration overcome the current debt ceiling?
By reducing taxes on large corporations and the rich. By building extremely expensive and largely ineffective walls between the US and Mexico. By addressing the appalling state of US infrastructure, such as roads, bridges etc. All of these things will blow out the debt ceiling. Trump tried to dud ordinary Americans of their Obamacare entitlements but has so far failed. The answer to your question is that any easing of the ridiculous and ballooning debt ceiling will come from the incomes of US middle classes and the poor. Trump will look after himself and his ilk.
If Congress and the President can't reach an agreement on the budget or debt ceiling, can "We The People" withhold their paychecks?
Well, first things first the President hasn’t accepted a penny of his salary, so he hasn’t been getting paid anyway.As to Congress, we technically can, but it’s a lot more involved than you might think because it would involve amending the Constitution to do it. The Twenty-seventh Amendment (Amendment XXVII) to the United States Constitution prohibits any law that increases or decreases the salary of members of Congress from taking effect until the start of the next set of terms of office for Representatives.Text:No law, varying the compensation for the services of the Senators and Representatives, shall take effect, until an election of Representatives shall have intervened.