When it comes to the national debt and its unsustainable path there is plenty to talk about, particularly for those who seek to lead us in the coming four years.
During the next presidential term, debt held by the public and interest on the debt are projected to set new records as a share of the economy. Major provisions of the 2017 Tax Cut and Jobs Act (TCJA) are scheduled to expire at the end of 2025. Paying for an extension of those tax cuts would grow the debt by nearly $5 trillion if not offset. Social Security and Medicare both face key trust fund depletion dates within about 10 years, causing steep across-the-board benefits cuts if nothing is done.
And yet, in this week’s presidential debate between Vice President Kamala Harris and former President Donald Trump, not one question was asked about the nation’s growing debt burden. That was a missed opportunity.
Debates should allow voters to hear and assess the candidates’ ideas on how to address the nation’s major fiscal challenges.
Do the candidates believe it is responsible to do nothing on Social Security and Medicare while seniors are left to wonder if their benefits will suddenly be cut?
Do they think it is fair to leave future generations with an economy and a budget hobbled by unsustainable debt?
Do they really believe that we can have an “opportunity economy,” in Harris’ case, or that we can “make America great again,” in Trump’s case, without making some hard choices to bring the current debt trajectory down to a more sustainable path? If not, are they willing to engage in bipartisan negotiations to achieve that goal?
If none of this matters to the people who seek the presidency in 2024, the time to find out about it is now when voters can assess the candidates’ positions and make informed judgments.
One way to get started would be to address the seven findings of the 1994 Bipartisan Commission on Entitlement and Tax Reform co-chaired by Senators Bob Kerrey (D-NE) and Jack Danforth (R-MO), which sadly remain unaddressed and still relevant.
While the debt did not come up in the September 10th debate, there are still seven weeks before Election Day. The Concord Coalition urges both candidates to use that time, with or without another debate, to describe more fully how they would fit their policy priorities into a budget that is responsible, credible, and sustainable.
