The Ticking Time Bomb of the US National Debt

The upcoming presidential election presents a concerning financial outlook as both candidates, despite acknowledging the national debt, propose policies that would further increase it. Experts warn that the US is nearing a potential debt crisis, with the national debt at a record high and projected to rise significantly. While stabilizing the debt at its current level is possible, it necessitates substantial measures like reducing annual deficits. This would involve politically unpopular decisions such as reforming Social Security and Medicare, potentially by reducing benefits for wealthier recipients and raising the eligibility age. However, both candidates` platforms, which include tax cuts and expanded social programs, contradict the necessary fiscal responsibility. This avoidance of addressing the debt issue stems from a lack of political will and voter reluctance to accept potentially impactful changes. Consequently, the US risks reaching a crisis point where addressing the national debt becomes unavoidable and significantly more costly.