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

The United States faces a significant economic challenge with its growing national debt, which has reached $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 will be difficult as Social Security and Medicare spending continues to outpace revenue, interest payments on the debt rise, and other parts of the budget remain underfunded. The Congressional Budget Office projects publicly held federal debt to reach 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 by reducing benefits for wealthier recipients and raising the eligibility age, such proposals are politically unpopular. Both presidential candidates, Donald Trump and Kamala Harris, propose tax cuts and spending plans that would exacerbate the debt problem. Their promises to protect Social Security and Medicare without modifications make stabilizing the debt impossible. Ultimately, addressing the national debt will likely require a crisis that forces action, even though it is the least effective and most costly solution.