The Looming US Debt Crisis: How 2024 Election Promises Ignore a Fiscal Time Bomb

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 due to increasing costs associated with Social Security and Medicare, rising interest payments, and underfunding in other areas. The Congressional Budget Office predicts that the debt will continue to grow, potentially reaching 122% of GDP within a decade. Addressing this issue would require substantial savings, potentially through budget cuts or tax increases. While experts suggest reforming Social Security and Medicare by reducing benefits for wealthier recipients and raising the eligibility age, these changes are unpopular among voters. Both presidential candidates, Donald Trump and Kamala Harris, propose policies that would exacerbate the debt problem. Trump aims to extend tax cuts, potentially adding $6 trillion to the debt, while Harris`s plan, involving tax adjustments and credits, could add $5 trillion. Both candidates pledge to protect Social Security and Medicare without benefit alterations, making debt stabilization impossible. The lack of political will to address this issue suggests that a crisis may be the only catalyst for action, ultimately leading to a more costly and less effective solution.