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Harris and Trump grapple with skyrocketing US debt in US Election 2024


The national debt in the United States has been a prominent issue in past presidential elections but is notably absent in the 2024 campaign. Despite the debt reaching unprecedented levels, neither Trump nor Harris has addressed the issue in their policies. Independent forecasters estimate that both candidates’ agendas would increase the deficit significantly, with projections showing the debt-to-GDP ratio soaring to dangerous levels. Economists warn that continued debt growth could lead to serious economic repercussions, including a default on government obligations. While the US has advantages in managing its debt, such as the dollar’s status as the primary reserve currency, there is a limit to how much debt the economy can sustain. The CBO predicts that by the mid-2030s, all government revenues will be absorbed by social security and debt interest payments, limiting future administrations’ ability to invest in growth and respond to emergencies. Addressing the debt issue will require a combination of spending cuts and tax increases, but in an era of populism, politicians are reluctant to discuss such difficult choices. As the debt continues to grow, the need for action becomes more urgent, and delaying necessary measures will only make the eventual solution more painful. Voters must be willing to engage with the issue of the national debt if meaningful change is to occur in the country’s fiscal policy.

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Photo credit www.aljazeera.com

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