The Ticking Time Bomb of the National Debt and the 2024 Election

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.

Both presidential candidates, Donald Trump and Kamala Harris, propose tax cuts and spending plans that would further increase the debt. Experts argue that stabilizing the debt requires approximately $10 trillion in savings over the next decade, achievable through measures such as reforming Social Security and Medicare. However, both candidates have pledged to protect these programs without any changes, making debt stabilization nearly impossible.

Addressing the debt problem would require politically unpopular decisions, such as benefit cuts or tax increases. The lack of political will to tackle this issue makes a debt crisis more likely, which would ultimately force action but at a much higher cost.