The Looming US Debt Crisis: How Campaign Promises Could Deepen the Hole

The US national debt, exceeding $35 trillion, poses a significant economic threat. 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, rising costs for Social Security and Medicare, coupled with increased interest payments on the debt, make this goal challenging. Both presidential candidates, despite acknowledging the issue, propose plans that involve tax cuts and increased spending, exacerbating the problem. Experts argue that addressing the debt necessitates politically unpopular reforms to entitlement programs like Social Security and Medicare, such as adjusting benefits and eligibility. Without such reforms, a financial crisis becomes increasingly likely, ultimately forcing action and potentially leading to more drastic measures than if addressed proactively.