The Unspoken Issue of Escalating US Debt for Harris and Trump in the 2024 US Election

The issue of the United States’ national debt has been a prominent topic in past presidential elections, with candidates clashing over the growing debt levels. However, in 2024, the issue seems to have been largely ignored. Neither Donald Trump nor Kamala Harris discussed the debt during their debate, and the Republican Party, historically focused on fiscal responsibility, did not mention the debt in their platform. Despite the debt being larger and more relevant than ever, reaching $28 trillion or about 99 percent of GDP, both candidates have proposed policies that would worsen the situation. Independent forecasters estimate that Harris’s plan could increase the deficit by $2.6 trillion over a decade, while Trump’s proposals could add $1.2 trillion. The US economy’s ability to manage debt is unique due to the dollar’s reserve currency status, but experts warn that there is a limit to how much debt can be sustained. Economists predict that if corrective action is not taken within the next 20 years to reduce debt levels, the US could face a default that would have severe global economic consequences. Additionally, the Congressional Budget Office warns that by the mid-2030s, all federal revenues may be needed for social security and debt interest payments, limiting government’s ability to invest in growth or respond to emergencies. While addressing the debt issue will require difficult choices such as spending cuts and tax increases, politicians and voters seem reluctant to confront the issue in an era of populism.

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