The Ticking Time Bomb of the National Debt: How 2024 Election Promises Ignore a Looming Crisis

The United States faces a significant economic challenge with its growing national debt, which has reached $35 trillion. While debt warnings have been issued for years, the current situation is unprecedented. Experts believe stabilizing the debt at its current level is crucial, requiring a reduction in annual deficits. However, this will be difficult as Social Security and Medicare spending continues to outpace revenue, interest payments on the debt rise, and other budget areas remain underfunded. The Congressional Budget Office predicts that the debt will continue to grow, reaching 122% of GDP within a decade. Addressing this issue would require substantial savings, potentially through budget cuts or tax increases, particularly reforms to Social Security and Medicare. However, both presidential candidates, Donald Trump and Kamala Harris, propose policies that would exacerbate the debt problem. They plan to either maintain or expand tax cuts while preserving Social Security and Medicare benefits, ultimately increasing the national debt. Experts argue that stabilizing the debt necessitates reforming these programs, but such reforms are politically unpopular. Consequently, the issue is likely to persist until a crisis forces action, resulting in a more costly and less effective solution.