Summary
The analysis of the fiscal impact of Kamala Harris’ and Donald Trump’s economic proposals reveals that both candidates’ plans would significantly increase the national debt over the next decade, with Trump’s proposals projected to add more debt than Harris’. According to a report from the Committee for a Responsible Federal Budget, Harris’ economic plan could increase the national debt by approximately $3.5 trillion, while Trump’s could add about $7.5 trillion, with estimates ranging as high as $15.2 trillion under certain scenarios.
The analysis highlights the ongoing issue of rising national debt, which currently exceeds $35 trillion, exacerbated by increasing costs associated with Social Security, Medicare, and interest payments on the debt. Both candidates have proposed extensive spending plans, including tax cuts and social programs, without clear strategies for offsetting these costs. The report emphasizes that, despite claims of fiscal responsibility, neither candidate has prioritized budget deficit reduction in their campaigns. The findings suggest that the economic proposals of both candidates would lead to a continued trajectory of government borrowing that outpaces economic growth, raising concerns among fiscal watchdogs and economic analysts.
Key Findings
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Kamala Harris: Expected to add $3.5 trillion to the national debt over the next decade, with a potential high estimate of $8.1 trillion. Her plan includes extending tax cuts for those earning under $400,000 and expanding credits for families, funded partially by increased taxes on corporations and wealthy individuals.
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Donald Trump: Projected to increase the national debt by $7.5 trillion, with estimates ranging from $1.5 trillion to $15.2 trillion depending on various assumptions. His proposals include significant tax cuts, including eliminating taxes on tips and Social Security benefits, which may not be fully offset by proposed tariff revenues.
Implications of the Analysis
The report underscores a broader concern regarding fiscal sustainability in the U.S., as both candidates’ plans could lead to escalating debt levels. With neither candidate committing to significant deficit reduction strategies, the analysis raises questions about the long-term economic ramifications of their proposed policies. The lack of detailed fiscal plans and reliance on assumptions about revenue generation further complicate the outlook for the national debt under either administration.
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