Growing National Debt Gets Silent Treatment From Candidates
Growing National Debt Gets Silent Treatment From Candidates
This is Washington Edition, the newsletter about money, power and politics in the nation’s capital. Today, economy reporter Jarrell Dillard looks at the growing national debt. Sign up here and follow us at @bpolitics. Email our editors here.
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America has a debt problem. And it’s not getting much attention from the contenders for the White House.
There is $27.8 trillion in debt held by the public. And this year the US is expected to run one of the largest deficits in history, which will only make the debt bigger.
Though everyone knows that spending on entitlement programs, including Social Security, is a big part of the problem, the 2024 presidential nominees are tiptoeing around the issue on the campaign trail. They’ve barely mentioned the deficit, much less offered any substantive solutions.
Spending on Social Security, Medicare and Medicaid could reach 10.3% of gross domestic product in 2024, according to projections from the Office of Management and Budget. That compares with an 8.2% average between 1984 and 2023.
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And it’s not getting much attention from the contenders for the White House.
Well, reducing debt means one or both of:
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Spending less.
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Taxing more.
Neither are likely very popular points to sell yourself on.
Harris is on record supporting higher taxes. Hell, Biden is too. It's not out of step with the populace either.
Only for people who make over $400,000 a year, and only the amount over 400,000.
Third option, but it is somewhat risky, which is to create an investment GSE with the objective of reducing the national debt.
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