The United States’ national debt has historically been a central issue in presidential elections, with debates and discussions focused on the country’s increasingly unsustainable financial situation. However, as the 2024 election approaches, it seems that the national debt has fallen out of the spotlight. Recent debates between candidates Donald Trump and Kamala Harris did not mention the issue, and the Republican Party’s platform also failed to address it.
Despite the fact that the national debt has grown significantly in recent years, reaching $28 trillion or 99% of GDP, politicians have not presented serious proposals to address the problem. Both Trump and Harris have put forward expensive pledges that would only exacerbate the situation, with budget forecasters struggling to keep up with the potential impact on the deficit.
Economists warn that the US cannot continue to accumulate debt indefinitely without facing serious economic consequences. While the US does have certain advantages in managing debt due to its position as the world’s primary reserve currency, there is a limit to how much debt the economy can sustain. Some predict that if corrective action is not taken within the next 20 years, the US could face a scenario where taxes are solely used to service debt and social security obligations.
The lack of attention to the national debt issue by politicians reflects a broader trend of avoiding difficult choices in favor of popular promises. However, delaying action on the debt problem will only make the eventual solution more painful for the country. With the potential for the debt to reach unsustainable levels in the coming years, addressing this issue will be critical for the future economic stability of the United States.
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