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

The United States faces a significant economic challenge due to its massive national debt, which currently stands at $35 trillion. Experts warn that without intervention, this debt could lead to a financial crisis. While stabilizing the debt at its current level is possible, it would require approximately $10 trillion in savings over the next decade, achievable through budget cuts, tax increases, or a combination of both.

Despite the urgency, the issue is unlikely to be seriously addressed by either presidential candidate in the 2024 election. Both Donald Trump and Kamala Harris propose tax cuts and spending plans that would further exacerbate the debt problem. Additionally, both candidates have pledged to protect Social Security and Medicare benefits, making it mathematically impossible to stabilize the debt without significant changes to these programs.

Experts suggest that reforming Social Security and Medicare, potentially by reducing benefits for wealthier recipients and raising the eligibility age, is necessary to address the issue. However, such reforms are politically unpopular and unlikely to be embraced by either candidate. The article concludes that the debt problem will likely remain unaddressed until a crisis forces action, resulting in a more expensive and less effective solution.