In 2016, Trump pledged to erase the federal debt. It just hit $40tn | Steven Greenhouse

The trillions in tax cuts going to the rich and corporations could have instead been used to address the affordability crisis

D ear reader, I recognize that your eyes might glaze over at any mention of the nation’s $40tn federal debt . But your reaction to this mind-boggling number shouldn’t be ennui; it should be outrage and dismay.

Outrage is in order because the nation’s debt has climbed to more than $40tn under Donald Trump, even though back in 2016, when the debt was less than half what it is today , candidate Trump insisted that he’d totally eliminate the debt within eight years . That was yet another example of the Demagogue-in-Chief’s willingness to say anything, no matter how insincere or untrue, to woo voters.

Not only has Trump failed to reduce the debt, he has spectacularly increased it. Take Trump’s “big, beautiful bill” and the huge tax cuts it lavished upon the very rich and corporations. That legislation is expected to increase the nation’s debt by a whopping $3.4tn over the next decade. Worse, during Trump’s time as president, including his first term, the federal debt has climbed by a colossal $11.6tn .

Outrage is also in order because the trillions in tax cuts going to the rich and corporations could have instead been used to address the affordability crisis that is squeezing so many Americans. Those trillions could have gone to creating more affordable childcare for every family or increasing subsidies to hold down soaring healthcare premiums or expanding government aid to make college more affordable.

Trump’s tax cuts for the rich and the $40tn debt have worsened the affordability crisis in one important and painful way. They have helped push up long-term interest rates to their highest level in nearly two decades, and that has pushed up mortgage rates, too. The unhappy result: housing has become less affordable, when housing affordability has already been a big problem for young Americans. Higher mortgage rates often mean that homebuyers have to pay several hundred dollars more in interest each month.

Interest rates have climbed not only because investors are dismayed that the national debt has hit a record, but also because Trump’s tariffs and war against Iran have fueled inflation and because investors are unsettled by all the chaos Trump has created at home and abroad.

Outrage is also called for because of the way Trump and his Republican yes-men in Congress jumped to enact giant tax cuts when their super-wealthy donors and friends said jump. In a move that shows how rigged the system is, Trump and the GOP legislated these tax cuts for the rich and corporations even though the wealthy and corporations were already doing perfectly well and would continue doing just fine, with their mansions, yachts and private jets, even without those tax cuts.