He must be anticipating some seriously massive tariffs. The deficit next year is expected to hit $1 trillion (over $800 billion in the FY ending in October). You have to get rid of that before you can pay down any of the debt. Tariffs currently estimated to bring in $152 billion (and that still leaves $1 trillion short so we need about ten times more). https://www.thebalance.com/u-s-feder...akdown-3305789
US imports were about $2.4 trillion last year so we would need like 50% tariffs on everything imported to start to pay down any of the debt.
Tariffs are paid for by US consumers and producers.
If you wanted to get rid of our debt, you would need to take in an average of $1 trillion more a year than you spend for the next 25 years. Instead it is expected to grow with the tax cuts and increased spending Congress passed and Trump signed.
Connect With Us