Trump learned that if you shut down the economy because of a pandemic, when you allow it to reopen, you can claim the largest job growth in history. Biden has learned that after record spending during that same pandemic, you can claim the greatest reduction in deficit spending in history.
In the last two years, my administration has cut the deficit by more than $1.7 trillion –- the largest deficit reduction in American history. Under the previous administration, the American deficit went up four years in a row. Because of those record deficits, no President added more to the national debt in any four years than my predecessor.
I'm sure if he had his way, he would break that record amount added to debt before his 4 years are up.
For anyone unclear about this, the debt is the total amount owed. The deficit is how much the debt has increased (usually measured in annual terms). Lowering the deficit is only slowing down the growth of the debt. It is only when you go from a deficit to a surplus that you reduce the debt.
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