Trump the king of debt
Duncan Richardson, News Editor
17 May 2016, 9:48 a.m.
As Donald Trump’s popularity soars attention is now shifting to what a Trump Presidency would look like. If last Thursday comments are anything to go by the global economy is in for a shock. When discussing the U.S. government debt on CNBC, Trump broke with convention and replied “I am the king of debt, I love debt, and I love playing with debt.” Trump, like all recent presidents, has no answer to the simple fact that they have to borrow to keep the show on the road.
The U.S deficit is now over $19 trillion and if you add on unfunded liabilities the figure is closer to $100 trillion. Trumps solution to the problem is to print more money to pay off existing debt. If that’s not the definition of a ponzi scheme I don’t know what is.
Financial media in the U.S have been quick to attack Trump comments as irresponsible. Trump is controversial, however, he does have a unique ability to draw attention to issues that previously had little or no attention. His comments may be misguided but at least he wants to make the U.S. debt burden an issue in the Presidential election.