Self-proclaimed ‘King of Debt’ Trump presides over a record $40T US tab — protect your retirement from the fallout Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
Donald Trump’s self-appointed crown has never looked more fitting
A decade after declaring himself the “king of debt,” America’s tab has hit $40 trillion. “I call myself the king of debt,” Trump told CBS in 2016 (1). “I’m great with debt. Nobody knows debt better than me.” Must Read – – JPMorgan sees gold hitting $5,000/oz by Q4 — and savvy investors are protecting their wealth with a tax-advantaged Gold IRA. Get your free guide from Priority Gold – Treasury data showed total public debt outstanding reached $40.047 trillion on Aug. 18, including $32.266 trillion held by the public and $7.782 trillion in government accounts, Reuters reported (2).
That is double the $19.95 trillion owed when Trump first entered the White House in January 2017. However, Trump did not create the entire tab. Roughly one-third of the increase came from pandemic borrowing under Trump and former President Joe Biden.