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

The United States faces a significant economic challenge with its growing national debt, currently at $35 trillion. 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, this is difficult due to increasing costs in programs like Social Security and Medicare, rising interest payments, and underfunding in other areas. The Congressional Budget Office predicts that the debt will continue to grow, reaching 122% of GDP within a decade. Addressing this issue would require substantial savings, potentially through budget cuts or tax increases. While experts suggest reforming Social Security and Medicare, such changes are politically unpopular. Both presidential candidates, Donald Trump and Kamala Harris, propose plans that would exacerbate the debt issue, prioritizing tax cuts and maintaining current benefits. This lack of action suggests that a crisis may be necessary to force action, ultimately leading to a more costly and inefficient solution.