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

The United States faces a significant economic challenge due to its growing national debt, which currently stands at $35 trillion. Experts warn that without action, this debt 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. While stabilizing the debt at its current level of 100% of GDP is crucial, it requires substantial changes to government spending, particularly in programs like Social Security and Medicare.

Experts suggest that closing the budget gap necessitates $10 trillion in savings over the next decade, achievable through a combination of budget cuts and tax increases. However, both candidates` platforms, which include tax cuts and maintaining current Social Security and Medicare benefits, would exacerbate the debt issue.

Addressing the national debt problem necessitates difficult choices, such as reforming entitlement programs, which are often met with resistance from voters. The lack of political will to tackle this issue makes a future financial crisis more likely, ultimately resulting in more severe consequences for everyone.