Trump intends to eliminate the national debt in 8 years

[utopian]

 

... In his first 100 days, Trump said, he would cut taxes, “renegotiate trade deals and renegotiate military deals,” including altering the U.S. role in the North Atlantic Treaty Organization.

He insisted that he would be able to get rid of the nation’s more than $19 trillion national debt “over a period of eight years.”

Most economists would consider this impossible because it could require taking more than $2 trillion a year out of the annual $4 trillion budget to pay off holders of the debt.

Trump vehemently disagrees: “I’m renegotiating all of our deals, the big trade deals that we’re doing so badly on. With China, $505 billion this year in trade.” He said that economic growth he foresees as a consequence of renegotiated deals would enable the United States to pay down the debt — although many economists have said the exact opposite, that a trade war would be crippling to the U.S. economy.

Trump also said that the United States has lost its standing in the world and that he would make people “respect our country. I want them to respect our leader.” Asked how he would do so, Trump cited an “aura of personality.”

 

 

Continued at source;

http://www.msn.com/en-us/news/politics/in-a-revealing-interview-trump-predicts-a-%E2%80%98massive-recession%E2%80%99-but-intends-to-eliminate-the-national-debt-in-8-years/ar-BBrgMgZ?li=BBnbcA1&ocid=mailsignout

 

The more I see of trump, the more he reminds me of Andrew Jackson. Both are seemingly authoritarian with libertarian values. Both don't like central banks. Both have people trying to kill them. Both successfully ride the wave of hatred towards a successful campaign. Only one actually succeeded at taking down a central bank. Maybe Trump will too. 

 

[Mister Mister]

I'm not sure what he means.  Does he mean that he will renegotiate with the debt holders, to compensate only a part of the loan, while saving the currency?  I don't know...but yea, seems impossible.

[Matthew Ed Moran]

The only way America could lessen its debt is if the whole word became significantly poorer for the benefit of America. I don't think that's going to happen with other major developing economies which want to grow. However, with a strong backbone and K personality traits, I imagine Trump will fight hard for the long term interest of America. An R president will cave under the pressure of having to deal with the debt, and do something incredibly stupid like print endless amounts of inflation.

[DCLugi]

How adorably convenient that 8 years is 2 terms.

[csekavec]

Totally feasible. 

 

Paying down the debt doesn't stop growth nor take from developing countries. I can demonstrate briefly why.  If one took the $500b of the $600b U.S. military budget and put it towards domestic debt the result is $500b into the economy. As banks and insurance companies scramble to find investments to fund their annuities and keep their balance sheets in the black they will have to invest elsewhere. With Trump banning foreign investment from banks this means capital improvements for domestic companies. The higher productivity means increase exports and lower prices everywhere. A tariff war could only be good for USA. 

 

We just stop exporting fiery death and murder and start exporting desalination plants, agriculture equipment, industrial control systems, and nuclear power stations. We could end war in Africa in 5 years.

 

Anyway, if I were a statist that is what I'd do....

[Boss]

I am not certain but I think Obama said he would lower the national debt  

But if any of the candidates has a chance, Its Trump. 

[luxfelix]

Do you suppose he might also bypass the Federal Reserve (money printed with interest, etc.) and/or alter the foundations of the petrol-backed dollar?

[Guest Gee]

The largest increase in personal spending is medical in which he can be found to have a full proof way to reduce the cost thereof. When it is seen how effective reforms would be I imagine there would be great support for further reforms of such ilk.

[shirgall]

...or if restrictions on business growth in the United States were significantly reduced and wealth creation skyrocketed.

 

I just don't see that happening unless there something significant changes the level of trust potential business makers have that the environment is stable.

[doodydota]

He could eliminate the national debt in 1 day if he declares bankruptcy. 

[luxfelix]

He could eliminate the national debt in 1 day if he declares bankruptcy. 

 

What would be the consequences of declaring bankruptcy?