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

The upcoming presidential election presents a concerning financial picture as both candidates, despite acknowledging the national debt, propose policies that would further increase it. Experts warn that the US is in unprecedented territory with its national debt, and failing to address it could lead to a severe economic crisis.

While stabilizing the debt at its current level is theoretically possible, it would require significant changes to spending and entitlement programs like Social Security and Medicare. However, both candidates have dismissed any proposals that involve altering these programs, opting instead for tax cuts and spending increases that cater to their voter base.

This avoidance of necessary but unpopular measures is a recurring theme in American politics, with voters expressing concern about the debt but unwilling to accept the sacrifices needed to address it. Consequently, the issue is likely to remain unaddressed until a full-blown crisis forces action, resulting in a more painful and costly solution.