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

The upcoming presidential election will likely see candidates Kamala Harris and Donald Trump focusing on tax cuts and government programs to appeal to voters. However, both candidates` plans ignore the looming issue of the national debt, which currently sits at $35 trillion. While warnings about the debt have been issued for years, the current situation is unprecedented and could lead to a financial crisis.

Expert Brian Riedl argues that stabilizing the debt, which currently stands at 100% of GDP, requires reducing annual deficits. This would involve difficult choices like reforming Social Security and Medicare, potentially by cutting benefits for wealthier recipients and raising the eligibility age.

However, neither candidate is addressing these issues. Instead, both propose tax cuts and spending increases that will further exacerbate the debt problem. Their plans, according to Riedl, could increase the deficit by $15-16 trillion.

Ultimately, the article suggests that addressing the debt crisis will likely require a significant crisis to force action, as politicians are unlikely to tackle unpopular but necessary reforms like entitlement program changes. This delay will ultimately result in a more painful and costly solution for everyone.