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

The United States faces a significant economic challenge due to its massive national debt, which currently stands at $35 trillion. Experts warn that if the debt is not addressed, it could lead to a financial crisis and economic hardship.

Despite this, both presidential candidates, Kamala Harris and Donald Trump, are proposing tax cuts and spending programs that would further increase the national debt. Neither candidate is willing to address the unsustainable growth of Social Security and Medicare, which are major contributors to the debt.

Experts believe that stabilizing the debt will require significant spending cuts or tax increases, particularly reforms to Social Security and Medicare. However, these changes are politically unpopular, and neither candidate is willing to support them.

As a result, the national debt is projected to continue growing, increasing the likelihood of a future financial crisis. The author suggests that only a major crisis will force politicians to address the debt, even though it is the least effective and most costly way to do so.