The Unsustainable US National Debt: A Looming Crisis Ignored by 2024 Presidential Candidates

Both Donald Trump and Kamala Harris are proposing tax cuts and spending increases that will exacerbate the national debt, which is already at a record high. Experts warn that without significant changes to reduce the deficit, the US could face a financial crisis.

While stabilizing the debt at its current level is possible, it would require approximately $10 trillion in spending cuts or tax increases over the next decade. One solution involves reforming Social Security and Medicare by reducing benefits for wealthier recipients and raising the eligibility age. However, neither candidate supports these changes due to their unpopularity.

Instead, both candidates propose plans that would add trillions to the national debt. Trump aims to extend the 2017 tax cuts and further reduce taxes, while Harris plans to keep those cuts only for those earning less than $400,000 while increasing certain tax credits.

Experts believe that a crisis is likely necessary to force action on the national debt, as politicians are unwilling to campaign on unpopular but necessary reforms. This delay will ultimately result in a more painful and costly solution for everyone.