The Unsustainable US National Debt: A Looming Crisis Ignored by 2024 Presidential Candidates

The United States faces a significant economic challenge with its growing national debt, currently at $35 trillion. While some argue that stabilizing the debt at its current level would be sufficient, achieving this would require substantial measures. Experts suggest that approximately $10 trillion in savings over the next decade, through budget cuts or tax increases, would be necessary.

A primary driver of the debt increase is the rising costs of Social Security and Medicare, exacerbated by an aging population. Additionally, interest payments on the debt are increasing. Despite the urgency, neither presidential candidate is addressing this issue head-on. Instead, both propose plans that involve tax cuts and increased spending, further exacerbating the problem.

Experts warn that without significant changes, such as reforming Social Security and Medicare, a debt crisis is inevitable. However, addressing these programs is politically unpopular, leaving the issue unaddressed until a potential crisis forces action. This delay will likely result in more severe consequences and a larger financial burden on future generations.