Federal election campaigns are in full swing, with candidates discussing key issues like abortion, immigration, and the ethics of the Supreme Court. However, one crucial topic seems to be missing from the conversation: the national debt.
The national debt has been a pressing issue for years, exacerbated by the economic impact of the pandemic. As of early June, the total public debt in the US was approximately $34.6 trillion, ranking the country among those with the highest debt-to-GDP ratios.
While the nation has managed to navigate this high level of debt without a crisis thus far, the growing burden raises concerns about long-term financial stability. Investors and other countries are questioning the US’s reliability, and the debt’s sheer size is hindering economic growth by diverting funds from more productive avenues.
Economists warn that the mounting debt is already affecting Americans’ financial well-being, with prominent figures highlighting the impact on opportunities and economic growth. The debt issue is not receiving adequate attention from political leaders, who often engage in unproductive partisan debates instead of addressing the root causes.
To tackle the debt problem effectively, politicians need to have honest discussions with the public and confront challenging issues such as entitlement reform. Social Security and Medicare are particularly sensitive areas that require attention as the population ages and federal spending increases to support retirees.
Despite the contentious nature of these topics, it is essential for leaders to address them responsibly and seek sustainable solutions to ensure the country’s fiscal health in the long run.
