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 without action, 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 significant budget cuts, tax increases, or a combination of both. Addressing the rising costs of Social Security and Medicare, which are exceeding their income, is crucial. However, both presidential candidates, Donald Trump and Kamala Harris, propose policies involving tax cuts and spending increases that would further exacerbate the debt issue. Their promises to preserve Social Security and Medicare benefits without modifications make resolving the debt mathematically impossible. Despite widespread awareness of the problem, politicians are reluctant to address it due to the potential for voter backlash. Consequently, the issue is likely to remain unresolved until a crisis forces action, resulting in more costly and less effective solutions.