Summary
The 2024 U.S. presidential election has brought national debt and deficit concerns to the forefront of political discourse, with both candidates, Vice President Kamala Harris and former President Donald Trump, proposing costly economic plans that are projected to significantly increase the national debt. According to analyses, Trump’s proposals could add approximately $7.5 trillion to the debt, while Harris’s plans may increase it by around $3.5 trillion over the next decade.
As the national debt currently stands at approximately $35 trillion, or 99% of GDP, the implications of these proposals raise serious questions about fiscal responsibility and long-term economic sustainability. The Committee for a Responsible Federal Budget has emphasized that both candidates’ plans would exacerbate existing fiscal challenges without addressing the underlying issues of rising debt. Trump’s agenda includes extending the 2017 Tax Cuts and Jobs Act and implementing new tax cuts, while Harris aims to increase taxes on wealthy individuals and corporations to fund her proposals. Economists warn that continued high levels of national debt could limit future government investments and hinder responses to economic crises.
Candidates’ Proposals and Their Impact
Donald Trump’s Plan
- Trump’s economic plan includes extending tax cuts from his previous administration, which is expected to contribute significantly to the national debt.
- His proposal to eliminate taxes on overtime, tips, and Social Security benefits, combined with a reduction in the corporate tax rate, is projected to add trillions to the deficit.
- Despite claims that tariffs on imports would offset these costs, analyses suggest that such tariffs could lead to higher consumer prices and inflation, ultimately affecting economic growth.
Kamala Harris’s Plan
- Harris’s proposals focus on increasing taxes for the wealthy and corporations to fund social programs and tax credits aimed at middle-class families.
- Key components of her plan include extending tax cuts for those earning less than $400,000 and expanding the Child Tax Credit.
- While her approach aims to mitigate the deficit impact through increased revenue from higher taxes on the wealthy, experts remain skeptical about whether these measures would fully cover the costs of her proposed spending.
Broader Economic Implications
Both candidates’ plans come amid growing concerns about the sustainability of U.S. fiscal policy. Experts warn that the rising national debt could crowd out essential government spending, limit economic growth, and increase the burden on future generations. As the election approaches, voters are increasingly focused on how each candidate’s economic policies will affect their financial well-being and the overall health of the nation’s economy. The importance of addressing the national debt is underscored by a majority of voters expressing the need for clear plans to manage fiscal responsibility, especially in light of the ongoing economic challenges facing the country.
Here are the 5 most important economic issues for voters
Oct. 29 / Cbs News / Highlights the pressing economic issues for voters, emphasizing the impact of inflation and national debt. The analysis effectively contextualizes candidates' proposals within broader economic concerns, adding depth. “ With poll s showing that Americans rank the economy as their most pressing concern in the November 5 election, both Vice President Kamala Harris and former...
Voter guide: Where Harris and Trump each stand on key issues
Oct. 14 / The Mercury News / Explores the potential consequences of Trump's tax plan on economic inequality, providing a critical perspective on its regressive effects. The depth of analysis adds value, but it risks being overly technical for some. “ It’s said that every presidential election makes history. Perhaps. But while some are destined to be included in the history books, others become the subject...
'Wrong all your life': Trump snarls at interviewer as he's asked about $7 trillion deficit
Oct. 15 / Raw Story / Focuses on Trump's contentious responses to questions about his deficit-increasing plans, showcasing his defensive demeanor. The article provides insight into his approach to criticism, making it engaging. “ Former President Donald Trump hurled insults and snarls when faced with Bloomberg News' editor-in-chief's questions about the trillions of dollars experts...
Harris, Trump spending would both boost the U.S. debt. Here's how much.
Oct. 7 / Cbs News / Presents a detailed breakdown of Harris's and Trump's economic plans, emphasizing the expected debt increases. The comparative analysis is useful, though it could benefit from more narrative engagement. “ Vice President Kamala Harris and former President Donald Trump have both made numerous promises, some in the realm of vague pledges and others backed by...
Study shows Trump plan would slash taxes for richest 5%, hike them for everyone else
Oct. 10 / Raw Story / Presents a comprehensive breakdown of the debt implications of both candidates, detailing specific policies. While informative, it could benefit from a more engaging narrative to maintain reader interest. “ A detailed new analysis of the tax proposals Republican nominee Donald Trump has floated during the 2024 presidential campaign show they would result in...
Oct. 7 / Usa Today / Presents a detailed examination of economic plans, emphasizing the projected debt increases. The article effectively contextualizes the candidates' proposals within broader fiscal concerns, though it may feel lengthy. “ WASHINGTON – Both former President Donald Trump and Vice President Kamala Harris are expected to embrace trillions of dollars in new federal spending if...
Trump's proposals would add $4tn more to US debt than Harris's - study
Oct. 7 / The Bbc / Highlights the stark contrast in projected national debt increases due to candidates' proposals, providing clear figures that enhance understanding. The analysis effectively contextualizes fiscal implications. “ Donald Trump's campaign proposals would increase the US national debt by double the amount Kamala Harris's would, according to a new analysis by a...
Trump economic plan would add more national debt than Harris' plan, analysis finds
Oct. 7 / Cbs News / Offers a concise overview of the Committee for a Responsible Federal Budget's analysis, making it easy for readers to grasp the key differences in debt contributions from Trump's and Harris's proposals. “ Trump economic plan would add more national debt than Harris' plan, analysis finds A report from the nonpartisan, nonprofit Committee for a Responsible...
How a year of Israel-Hamas war disrupted lives. And, key factors for Michigan voters
Oct. 7 / Npr / Discusses the potential consequences of both candidates' policies on national debt, effectively framing the urgency of fiscal responsibility. The balanced perspective is commendable, adding depth to the discussion. “ Good morning. You're reading the Up First newsletter. Subscribe here to get it delivered to your inbox, and listen to the Up First podcast for all the news...
GOP rep complains it’s 'ridiculous' for Harris to expect billionaires to 'pay fair share'
Oct. 9 / Raw Story / Offers a comprehensive analysis of the projected debt increases under both candidates, detailing their proposed policies. The depth of information is valuable, but the length may deter casual readers. “ A pillar of Vice President Kamala Harris ' economic platform is to increase taxes on the wealthiest Americans, calling on billionaires to "pay their fair...
Oct. 9 / Business Insider / Discusses the implications of Trump's tax proposals on income distribution, providing an insightful critique of their regressive nature. The authoritative economic insights enhance credibility, but the density may deter some. “ Former president and GOP nominee Donald Trump has proposed a slew of tax changes. His tariff and tax-cut plans will benefit America's top 5% and hit...
New analysis suggests debt could increase under Harris-Trump economic plans
Oct. 7 / Business Standard / Analyzes the implications of Trump’s proposals on consumer credit and financial markets. The focus on expert opinions adds credibility, yet it could be more concise to maintain reader interest. “ No one is likely to be happy with the projected higher deficits laid out in a new analysis of Kamala Harris' and Donald Trump's economic plans.The analysis...
Harris’ proposals would increase the national debt, but Trump’s would add even more, study finds
Oct. 7 / Cnn / Summarizes the fiscal implications of both candidates' proposals, presenting clear figures that illustrate the potential impact on national debt. The straightforward approach enhances reader comprehension of complex issues. “ Both Vice President Kamala Harris and former President Donald Trump are rolling out ever-growing lists of promises to voters — from making housing and health...
Watchdog calls on Harris, Trump to release their plans to address $35T national debt before election
Oct. 4 / New York Post / Offers a thorough exploration of the candidates' economic plans, emphasizing differing approaches to taxation and spending. The depth of information is commendable, though it may overwhelm casual readers. “ A federal budget watchdog called on both Vice President Kamala Harris and former President Donald Trump to present voters with their plans to address the...
Election 2024: Politics and Your Portfolio
Oct. 4 / Kiplinger / Explores the intersection of politics and investment strategies, offering a unique perspective on how election outcomes could affect financial markets. It balances political analysis with practical investment advice. “ The U.S. presidential election has gripped the nation. Should it take hold of your portfolio, too? The short answer: No. Financial fundamentals such as the...