US Economy is burdened with a massive & earth shaking debt of around $38 Trillion which is much more than it’s own GDP. How do you think President Donald Trump is planning to reduce it?
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US Economy is burdened with a massive & earth shaking debt of around $38 Trillion which is much more than it’s own GDP. How do you think President Donald Trump is planning to reduce it?
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President Donald Trump’s stated plan to reduce the national debt focuses on two main strategies:
Increased Tariff Revenue: He is using aggressive tariffs (taxes on imports) to generate “trillions of dollars” in revenue, which his administration states will be used to pay down the debt and deficit.
Spending Cuts: He established the Department of Government Efficiency (DOGE), led by Elon Musk, which is tasked with dramatically cutting federal government spending and eliminating waste across various agencies.
Note: Economic analysts frequently debate whether the proposed revenue from tariffs and the impact of spending cuts will be sufficient to offset the cost of simultaneous policies like his large tax cuts and other economic proposals.