The Ticking Time Bomb of the National Debt: How 2024 Election Promises Could Spell Disaster

The upcoming presidential election presents a concerning financial landscape. Both leading candidates, despite representing different parties, propose tax cuts and spending increases that exacerbate the already dire national debt. While experts suggest stabilizing the debt at its current percentage of GDP, neither candidate`s plan achieves this. Instead, they rely on approaches that either significantly increase the debt or lack concrete solutions. A looming concern is the impending expiration of the 2017 tax cuts, with both candidates offering plans that, while differing in their details, ultimately contribute to the growing debt. Additionally, both candidates pledge to protect Social Security and Medicare without addressing their unsustainable trajectories. This avoidance of politically unpopular but necessary reforms pushes the problem further down the line, making an eventual crisis more likely. The article concludes by suggesting that only a full-blown crisis will force action, highlighting a systemic unwillingness to address the issue head-on.