The Ticking Time Bomb of the National Debt: How 2024 Election Promises Could Spell Disaster

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, the 2024 presidential candidates, Kamala Harris and Donald Trump, are proposing tax cuts and spending programs that would further increase the debt. Both candidates have pledged to protect Social Security and Medicare without addressing their long-term solvency issues.

Addressing the debt would require significant spending cuts or tax increases, particularly reforms to Social Security and Medicare. However, these actions are politically unpopular, and neither candidate is willing to propose them.

As a result, the national debt is projected to continue growing, potentially leading to a crisis that forces action. This delayed approach is considered the least effective and most costly way to address the issue.