The Ticking Time Bomb of the National Debt and the 2024 Election

The upcoming presidential election presents a concerning situation regarding the national debt. Both leading candidates, Kamala Harris and Donald Trump, propose tax cuts and spending increases that experts warn will exacerbate the already enormous $35 trillion debt.

While neither candidate acknowledges the issue, experts argue that stabilizing the debt necessitates significant changes to entitlement programs like Social Security and Medicare, alongside substantial spending cuts or tax increases. However, these actions are politically unpopular, making them unlikely to be pursued.

The article warns that the current trajectory leads to a potential debt crisis, potentially triggering a recession and necessitating severe austerity measures. Despite this, both candidates prioritize policies that appeal to their voter base, even if they worsen the debt. The author concludes that addressing the debt problem will likely require a crisis to force action, ultimately resulting in a more painful and costly solution.